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Fair Value Measurements - Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	$ 774,433	$ 822,937
U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	429,055	452,507
U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	184,173	208,487
Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	89,492	19,720
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	54,282	66,904
U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities		44,383
Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	15,001	24,927
Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	1,938	5,531
Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	492	478
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	89,492	64,103
Level 1 \| Money Market Accounts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	89,492	19,720
Level 1 \| U.S. Treasury Bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities		44,383
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	669,940	733,907
Level 2 \| U.S. Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	429,055	452,507
Level 2 \| U.S. Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	184,173	208,487
Level 2 \| Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	54,282	66,904
Level 2 \| Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	1,938	5,531
Level 2 \| Yankee Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	492	478
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total equity securities, debt securities and cash equivalents	15,001	24,927
Level 3 \| Preferred Stock Of Privately Held Company
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt securities	$ 15,001	$ 24,927

Other Significant Balance Sheet Accounts

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Other Significant Balance Sheet Accounts

Note 6. Other Significant Balance Sheet Accounts

Other current assets consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Prepaid income taxes	$	36,478	$	3,422
Reagents and supplies		10,064		8,384
Marketable securities interest receivable		6,126		6,241
Prepaid expenses		6,314		6,629
Other receivable		1,402		1,768
Total	$	60,384	$	26,444

Accrued liabilities consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Payroll liabilities	$	5,618	$	8,210
Vacation accrual		5,108		4,088
Accrued bonus and commission		3,887		5,803
Operating lease liabilities - short term		1,487		1,443
Other accrued liabilities		6,910		4,735
Total	$	23,010	$	24,279

Other accrued liabilities as of September 30, 2025, included $1.6 million for income tax payable, related to the acquisition of ANP, as further described in Note 15. Business Combinations. Other accrued liabilities also included legal accruals, short-term finance lease liabilities, health insurance liabilities, and third-party billing services.

Other long-term liabilities consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Operating lease liabilities, long term	$	3,622	$	4,120
Notes payable, long term		1,958		2,493
Other long-term liabilities		1,977		360
Total	$	7,557	$	6,973

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 117,641	$ 55,144
Marketable securities	258,162	202,962
Trade accounts receivable, net of allowance for credit losses of $21,528 as of September 30, 2025, and $20,458 as of December 31, 2024	71,187	69,021
Other current assets	60,384	26,444
Total current assets	507,374	353,571
Marketable securities, long-term	411,778	570,351
Intangible assets, net	135,255	134,978
Fixed assets, net	111,865	105,549
Goodwill	25,080	22,055
Other long-term assets	23,211	33,460
Total assets	1,214,563	1,219,964
Current liabilities
Accounts payable	18,088	18,364
Accrued liabilities	23,010	24,279
Customer deposit	28,543	27,610
Contract liabilities	2,309	2,234
Notes payable, current	476	412
Total current liabilities	72,426	72,899
Deferred tax liabilities	7,040	6,370
Unrecognized tax benefits	6,783	4,563
Other long-term liabilities	7,557	6,973
Total liabilities	93,806	90,805
Commitments and Contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 34,274 shares issued and 30,854 shares outstanding as of September 30, 2025, and 33,614 shares issued and 30,841 shares outstanding as of December 31, 2024	3	3
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding as of September 30, 2025, and December 31, 2024
Additional paid-in capital	565,690	543,126
Accumulated other comprehensive income (loss)	6,823	(368)
Retained earnings	553,372	590,467
Total Fulgent stockholders' equity	1,125,888	1,133,228
Noncontrolling interest	(5,131)	(4,069)
Total stockholders’ equity	1,120,757	1,129,159
Total liabilities and stockholders’ equity	$ 1,214,563	$ 1,219,964

Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Contribution Plan Disclosure [Line Items]
Company matching contributions to the 401(k) plan	$ 1.0	$ 1.2	$ 3.2	$ 3.1
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of match			4.00%

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 09, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Business Combination [Line Items]
Goodwill		$ 25,080		$ 25,080		$ 22,055
Revenue		84,069	$ 71,743	239,335	$ 207,256
Operating loss		(15,350)	(17,079)	(54,858)	(57,783)
ANP Technologies, Inc.,
Business Combination [Line Items]
Date of acquisition completed	Jul. 09, 2025
Acquisition of percentage	100.00%
Contingent consideration	$ 5,731
Cash held back	1,887
Cash hold back released	1,000
Goodwill	$ 3,025	3,000		3,000
Revenue				100
Operating loss				300
Acquisition related transaction costs		2,100		2,400
Related-party transactions costs		0	$ 600	600	1,600
Other adjustments related to net income		0		100	$ 100
ANP Technologies, Inc., \| Maximum
Business Combination [Line Items]
Contingent consideration, number of shares issued	292,682
ANP Technologies, Inc., \| General and Administrative Expenses
Business Combination [Line Items]
Acquisition related transaction costs		100		400
ANP Technologies, Inc., \| In-Process Research & Development
Business Combination [Line Items]
Goodwill		3,900		3,900
Identifiable Finite-lived intangible assets		3,900		3,900
Identifiable indefinite-lived intangible assets	$ 3,900
ANP Technologies, Inc., \| Customer Relationships
Business Combination [Line Items]
Identifiable Finite-lived intangible assets	$ 2,300	$ 2,300		$ 2,300
Estimated amortization life of identified intangible assets assumed	18 years

Goodwill and Intangible Assets - Summary of Annual Amortization Expense For Acquisition-Related Intangibles (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Finite Lived Intangible Assets [Line Items]
2025 (remaining 3 months)	$ 2,025
2026	7,797
2027	7,336
2028	7,301
2029	7,044
2030	6,916
Thereafter	28,346
Acquisitions-related intangibles, net	$ 66,765

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Significant Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Payroll liabilities	$ 5,618	$ 8,210
Vacation accrual	5,108	4,088
Accrued bonus and commission	3,887	5,803
Operating lease liabilities - short term	1,487	1,443
Other accrued liabilities	6,910	4,735
Total	$ 23,010	$ 24,279

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 21,528	$ 20,458
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	34,274,000	33,614,000
Common stock, shares outstanding	30,854,000	30,841,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Reportable Segment and Geographic Information - Schedule of Total Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 1,214,563	$ 1,219,964
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,214,563	1,219,964
Laboratory Services \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,083,426	1,131,117
Therapeutic Development \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 131,137	$ 88,847

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Stock Repurchase Program - Additional Information (Details) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount								$ 250,000,000
Number of shares repurchased	0			0		600,000	10,000
Aggregate cost of shares repurchased	$ 0	$ 2,998,000	$ 7,886,000	$ 0	$ 225,000	$ 10,900,000	$ 200,000
Stock repurchase program, remaining authorized amount	$ 139,600,000					$ 139,600,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 18. Subsequent Events

Purchase of Income Tax Credits

On October 9, 2025, the Company purchased $72.4 million of Investment Tax Credits under the transferability provision of the Inflation Reduction Act of 2022 for $67.9 million in cash. Refer to Note 11. Income Taxes, for additional details with regard to the treatment of Investment Tax Credits purchased previously.

Reportable Segment and Geographic Information - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 84,069	$ 71,743	$ 239,335	$ 207,256
Operating Segments
Segment Reporting Information [Line Items]
Revenue	84,069	71,743	239,335	207,256
United States \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	77,608	65,703	221,641	189,052
China \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	3,128	2,785	8,146	9,366
Other countries \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	3,333	3,255	9,548	8,838
Foreign \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	$ 6,461	$ 6,040	$ 17,694	$ 18,204

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Schedule of Operating and Finance Lease Right-of-Use Asset, or ROU Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease ROU asset, net	$ 4,950	$ 5,395
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Operating lease liabilities, short term	$ 1,487	$ 1,443
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating lease liabilities, long term	$ 3,622	$ 4,120
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease ROU asset, net	$ 423	$ 771
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Finance lease liabilities, short term	$ 357	$ 398
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Finance lease liabilities, long term	$ 91	$ 360
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Operating and Finance Lease Right-of-Use Asset, or ROU Asset, Short-term Lease Liabilities, and Long-term Lease Liabilities

The operating and finance lease right-of-use asset, or ROU asset, short-term lease liabilities, and long-term lease liabilities as of September 30, 2025, and December 31, 2024, were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
Operating lease ROU asset, net	$	4,950	$	5,395
Operating lease liabilities, short term	$	1,487	$	1,443
Operating lease liabilities, long term	$	3,622	$	4,120
Finance lease ROU asset, net	$	423	$	771
Finance lease liabilities, short term	$	357	$	398
Finance lease liabilities, long term	$	91	$	360

Schedule of Operating and Finance Lease Expense

The following was operating and finance lease expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Operating lease cost	$	556	$	767	$	1,437	$	3,744
Finance lease cost:
Amortization of ROU assets		85		134		301		407
Interest on lease liabilities		4		9		15		32
Short-term lease cost		424		360		1,382		998
Total lease cost	$	1,069	$	1,270	$	3,135	$	5,181

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was the following:


	September 30, 2025
Weighted-average remaining lease term, operating leases	5.47 years
Weighted-average discount rate, operating leases		5.67	%
Weighted-average remaining lease term, finance lease	1.25 years
Weighted-average discount rate, finance lease		3.21	%

Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis

The following is a maturity analysis of operating and finance lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:


	Operating Leases			Finance Lease
	(in thousands)
Year ending December 31,
2025 (remaining 3 months)	$	517		$	92
2026		1,525			366
2027		957			—
2028		482			—
2029		549			—
2030		559			—
Thereafter		1,489			—
Total lease payments		6,078			458
Less imputed interest		(969	)		(10	)
Total	$	5,109		$	448

Reportable Segment and Geographic Information - Schedule of Significant Items by Segment Excluded from Adjusted Operating (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Equity-based compensation	$ 9,717	$ 10,920	$ 30,306	$ 34,073
Material Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	9,717	10,920	30,306	34,073
Laboratory Services \| Material Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	7,716	9,055	24,282	28,382
Therapeutic Development \| Material Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	$ 2,001	$ 1,865	$ 6,024	$ 5,691

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers by Payor Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 84,069	$ 71,743	$ 239,335	$ 207,256
Accounting Standards Update 2014-09
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	84,069	71,743	239,335	207,256
Accounting Standards Update 2014-09 \| Clinical Institutional Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	48,947	39,822	135,890	112,376
Accounting Standards Update 2014-09 \| Clinical Insurance Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	32,679	30,661	97,808	91,584
Accounting Standards Update 2014-09 \| Clinical Patients Contracts
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers by payor type	$ 2,443	$ 1,260	$ 5,637	$ 3,296

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 30, 2025, none of our directors or officers adopted or terminated “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K.
Director And Officer [Member]
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

Fixed Assets (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Major Classes of Fixed Assets

Major classes of fixed assets consisted of the following:


	Useful Lives	September 30, 2025			December 31, 2024
		(in thousands)
Medical lab equipment	5 months to 13 Years	$	56,704		$	57,541
Building improvements	6 months to 39 Years		29,629			27,924
Building	25 to 39 Years		21,689			21,689
Computer hardware	1 to 5 Years		8,419			7,328
Computer software	1 to 10 Years		6,289			7,214
Aircraft	7 Years		6,400			6,400
Leasehold improvements	Shorter of lease term or estimated useful life		4,324			3,323
Furniture and fixtures	1 to 11 Years		4,256			4,109
Land improvements	5 to 15 Years		938			904
Automobile	3 to 8 Years		616			581
General equipment	5 Years		186			108
Land			17,347			17,347
Assets not yet placed in service			9,267			2,792
Total			166,064			157,260
Less: Accumulated depreciation			(54,199	)		(51,711	)
Fixed assets, net		$	111,865		$	105,549

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Note 9. Leases

Lessee

The Company is party as a lessee to various non-cancelable operating leases with varying terms through March 2034 primarily for laboratory and office space and equipment. The Company has options to renew some of these leases after their expirations. On a lease-by-lease basis, the Company considers such options, which may be elected at the Company’s sole discretion, in determining the lease term. The Company also has a finance lease for lab equipment with a term through December 2026, some of which were acquired in business combinations. The Company does not have any leases with variable lease payments. The Company’s operating lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options, or asset retirement obligations.

The Company’s headquarters are located in El Monte, California, which is comprised of various corporate offices and a laboratory certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, accredited by the College of American Pathologists, or CAP, and licensed by the State of California Department of Public Health. Other CLIA-certified laboratories are located in Coppell, Texas; Needham, Massachusetts; Phoenix, Arizona; and Alpharetta, Georgia. The Company has also obtained National Association of Testing Authorities, or NATA, accreditation in Dulwich, Australia.

The operating and finance lease right-of-use asset, or ROU asset, short-term lease liabilities, and long-term lease liabilities as of September 30, 2025, and December 31, 2024, were as follows:


	September 30, 2025		December 31, 2024
	(in thousands)
Operating lease ROU asset, net	$	4,950	$	5,395
Operating lease liabilities, short term	$	1,487	$	1,443
Operating lease liabilities, long term	$	3,622	$	4,120
Finance lease ROU asset, net	$	423	$	771
Finance lease liabilities, short term	$	357	$	398
Finance lease liabilities, long term	$	91	$	360

The following was operating and finance lease expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Operating lease cost	$	556	$	767	$	1,437	$	3,744
Finance lease cost:
Amortization of ROU assets		85		134		301		407
Interest on lease liabilities		4		9		15		32
Short-term lease cost		424		360		1,382		998
Total lease cost	$	1,069	$	1,270	$	3,135	$	5,181

Supplemental information related to leases was the following:


	September 30, 2025
Weighted-average remaining lease term, operating leases	5.47 years
Weighted-average discount rate, operating leases		5.67	%
Weighted-average remaining lease term, finance lease	1.25 years
Weighted-average discount rate, finance lease		3.21	%

The following is a maturity analysis of operating and finance lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:


	Operating Leases			Finance Lease
	(in thousands)
Year ending December 31,
2025 (remaining 3 months)	$	517		$	92
2026		1,525			366
2027		957			—
2028		482			—
2029		549			—
2030		559			—
Thereafter		1,489			—
Total lease payments		6,078			458
Less imputed interest		(969	)		(10	)
Total	$	5,109		$	448

Reportable Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Reportable Segment and Geographic Information

Note 7. Reportable Segment and Geographic Information

The Company has two distinct reportable segments. The laboratory services segment offers a technical laboratory, testing services, and professional interpretation of laboratory results by licensed physicians who specialize in pathology and oncology. The therapeutic development segment is a pharmaceutical research and development entity.

The Company’s Chief Executive Officer also serves as its CODM. The CODM oversees the Company’s operations and evaluates financial data for its two operating segments separately to make resource allocation decisions. The financial information regularly provided to the CODM includes various performance metrics by reportable segment, such as gross profit, operating income or loss, income or loss before income taxes, net income or loss from consolidated operations, and net income or loss attributable to Fulgent, all presented in accordance with U.S. GAAP. Additionally, the CODM receives these metrics including gross profit, operating income or loss, income or loss before income taxes, net income or loss from consolidated operations, and net income or loss attributable to Fulgent on a non-GAAP basis, which excludes the impact of equity-based compensation expenses, acquisition-related costs, amortization of intangible assets, and impairment losses. Although multiple financial metrics are provided, the CODM primarily relies on adjusted operating income or loss, on a non-GAAP basis, to evaluate segment performance and allocate resources as this measure enhances the CODM’s ability to compare past financial performance with current performance and analyze underlying business performance and trends. The balance sheet is presented on a consolidated basis, as the CODM does not use asset or liability information, including fixed assets, to assess segment performance. As a result, segment asset and liability details are not disclosed. The non-GAAP financial measures disclosed below should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP.

The newly acquired entity, ANP, is considered part of the therapeutic development segment as this acquisition was strategically undertaken to gain full control over the patents and technologies utilized in the development of drug candidates within the therapeutic development segment. Consequently, ANP’s operations are integrated into the therapeutic development segment, with shared resources and collaborative efforts, and the CODM evaluates ANP’s operations as part of the therapeutic development segment’s consolidated financial information. Therefore, ANP’s financial results are grouped within the therapeutic development segment’s reporting. ANP generates revenue from technologies licensed to pharmaceutical and biotech companies, as well as contract research organizations, or CROs.

There is no inter-segment allocation of interest expense and income taxes. There is no inter-segment revenue and operating income or loss. The Company did not allocate income tax by segment. Information regarding the Company’s operations and assets for its reportable segments as well as geographic information are as follows, all dollars are in thousands:


	Laboratory Services		Therapeutic Development			Total
Three Months Ended September 30, 2025
Revenue	$	83,931	$	138		$	84,069
Less:
Adjusted cost of revenue		46,860		—			46,860
Adjusted research and development		5,150		5,463			10,613
Adjusted selling and marketing		10,906		—			10,906
Adjusted general and administrative		18,530		678			19,208
Total adjusted operating loss	$	2,485	$	(6,003	)	$	(3,518	)


	Laboratory Services			Therapeutic Development			Total
Nine Months Ended September 30, 2025
Revenue	$	239,197		$	138		$	239,335
Less:
Adjusted cost of revenue		135,828			—			135,828
Adjusted research and development		15,516			14,159			29,675
Adjusted selling and marketing		30,056			—			30,056
Adjusted general and administrative		60,828			1,108			61,936
Total adjusted operating loss	$	(3,031	)	$	(15,129	)	$	(18,160	)


	Laboratory Services			Therapeutic Development			Total
Three Months Ended September 30, 2024
Revenue	$	71,743		$	—		$	71,743
Less:
Adjusted cost of revenue		43,032			—			43,032
Adjusted research and development		4,595			3,605			8,200
Adjusted selling and marketing		8,193			—			8,193
Adjusted general and administrative		16,271			213			16,484
Total adjusted operating loss	$	(348	)	$	(3,818	)	$	(4,166	)


	Laboratory Services			Therapeutic Development			Total
Nine Months Ended September 30, 2024
Revenue	$	207,256		$	—		$	207,256
Less:
Adjusted cost of revenue		125,942			—			125,942
Adjusted research and development		13,657			11,483			25,140
Adjusted selling and marketing		23,725			—			23,725
Adjusted general and administrative		49,550			636			50,186
Total adjusted operating loss	$	(5,618	)	$	(12,119	)	$	(17,737	)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Reconciliation of “adjusted operating loss” to “loss before income taxes”
Adjusted operating loss	$	(3,518	)	$	(4,166	)	$	(18,160	)	$	(17,737	)
Less (add):
Equity-based compensation		9,717			10,920			30,306			34,073
Acquisition-related costs		90			—			387			—
Amortization of intangible assets		2,025			1,993			6,005			5,973
Interest income		(7,874	)		(8,090	)		(23,983	)		(23,181	)
Interest expense		28			14			59			(210	)
Impairment loss		—			10,073			9,926			10,073
Other income, net		5			(544	)		(109	)		(554	)
Total loss before income taxes	$	(7,509	)	$	(18,532	)	$	(40,751	)	$	(43,911	)

Significant items by segment excluded from the adjusted operating (loss) income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Equity-based compensation
Laboratory services	$	7,716	$	9,055	$	24,282	$	28,382
Therapeutic development		2,001		1,865		6,024		5,691
Total	$	9,717	$	10,920	$	30,306	$	34,073

Revenue by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Laboratory services:
Precision diagnostics	$	50,734	$	43,582	$	142,123	$	124,172
Anatomic pathology		25,983		24,228		79,405		70,766
BioPharma services		7,214		3,933		17,533		10,201
COVID-19		—		—		136		2,117
Total laboratory services		83,931		71,743		239,197		207,256
Therapeutic development:
Other revenue		138		—		138		—
Total therapeutic development		138		—		138		—
Total	$	84,069	$	71,743	$	239,335	$	207,256

Depreciation and amortization by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Laboratory services	$	5,928	$	5,751	$	17,572	$	18,219
Therapeutic development		110		169		439		517
Total	$	6,038	$	5,920	$	18,011	$	18,736

Interest income and expense by segment:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Laboratory services
Interest income	$	7,874		$	8,090		$	23,983		$	23,181
Interest expense		(28	)		(14	)		(59	)		210
Therapeutic development
Interest income		—			—			—			—
Interest expense		—			—			—			—
Total	$	7,846		$	8,076		$	23,924		$	23,391

Total assets by segment:


	September 30, 2025		December 31, 2024
Laboratory services	$	1,083,426	$	1,131,117
Therapeutic development		131,137		88,847
Total	$	1,214,563	$	1,219,964

Geographic distribution of revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	$	77,608	$	65,703	$	221,641	$	189,052
Foreign
China		3,128		2,785		8,146		9,366
Other countries		3,333		3,255		9,548		8,838
Total foreign		6,461		6,040		17,694		18,204
Total	$	84,069	$	71,743	$	239,335	$	207,256

Geographic distribution of property, plant and equipment, net:


	September 30, 2025		December 31, 2024
United States	$	105,462	$	98,992
Foreign
China		4,717		4,616
Other countries		1,686		1,941
Total foreign		6,403		6,557
Total	$	111,865	$	105,549

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Reportable Segment and Geographic Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of reporting segments	2
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, CODM, profit (loss) measure, description	The financial information regularly provided to the CODM includes various performance metrics by reportable segment, such as gross profit, operating income or loss, income or loss before income taxes, net income or loss from consolidated operations, and net income or loss attributable to Fulgent, all presented in accordance with U.S. GAAP. Additionally, the CODM receives these metrics including gross profit, operating income or loss, income or loss before income taxes, net income or loss from consolidated operations, and net income or loss attributable to Fulgent on a non-GAAP basis, which excludes the impact of equity-based compensation expenses, acquisition-related costs, amortization of intangible assets, and impairment losses. Although multiple financial metrics are provided, the CODM primarily relies on adjusted operating income or loss, on a non-GAAP basis, to evaluate segment performance and allocate resources as this measure enhances the CODM’s ability to compare past financial performance with current performance and analyze underlying business performance and trends.
Number of operating segments	2

Other Significant Balance Sheet Accounts - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid income taxes	$ 36,478	$ 3,422
Reagents and supplies	10,064	8,384
Marketable securities interest receivable	6,126	6,241
Prepaid expenses	6,314	6,629
Other receivable	1,402	1,768
Total	$ 60,384	$ 26,444

Equity-Based Compensation - Summary of Equity-Based Compensation Expenses as Part of Cost of Revenue and Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 9,717	$ 10,920	$ 30,306	$ 34,073
Cost of Revenue
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	1,697	1,940	5,214	5,948
Research and Development
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	3,247	3,583	10,060	11,563
Selling and Marketing
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	736	931	2,337	2,983
General and Administrative
Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total Equity-based compensation expense	$ 4,037	$ 4,466	$ 12,695	$ 13,579

Goodwill and Intangible Assets - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Segment	Sep. 30, 2024 USD ($)	Jul. 09, 2025 USD ($)	Dec. 31, 2024 USD ($)
Goodwill [Line Items]
Number of operating segments \| Segment			2
Number of reporting segments \| Segment			2
Amortization of intangible assets	$ 2,025	$ 1,993	$ 6,005	$ 5,973
Goodwill	25,080		25,080			$ 22,055
ANP Technologies, Inc.,
Goodwill [Line Items]
Goodwill	3,000		3,000		$ 3,025
ANP Technologies, Inc., \| In-Process Research & Development
Goodwill [Line Items]
Goodwill	3,900		3,900
Identifiable intangible assets	3,900		3,900
ANP Technologies, Inc., \| Customer Relationships
Goodwill [Line Items]
Identifiable intangible assets	2,300		2,300		$ 2,300
Therapeutic Development
Goodwill [Line Items]
Goodwill	$ 25,080		$ 25,080			$ 22,055

Loss per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Reconciliation of the Basic and Diluted Loss per Share Computations

The following table presents the calculation of basic and diluted loss per share for the three and nine months ended September 30, 2025, and 2024:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)
Net loss attributable to Fulgent	$	(6,608	)	$	(14,648	)	$	(37,095	)	$	(36,820	)

Weighted-average common shares - outstanding, basic		30,749			30,416			30,708			30,095
Weighted-average common shares - outstanding, diluted		30,749			30,416			30,708			30,095

Loss per share:
Basic	$	(0.21	)	$	(0.48	)	$	(1.21	)	$	(1.22	)
Diluted	$	(0.21	)	$	(0.48	)	$	(1.21	)	$	(1.22	)

Anti-dilutive Securities Excluded from Calculation of Diluted Loss per Share

The following securities have been excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Stock options		101		228		101		228
Restricted stock units		2,368		2,177		2,368		2,177
Contingently issuable shares		293		—		293		—

Equity and Debt Securities - Summary of Investment in Equity and Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Less: Cash equivalents, Carrying Value	$ (89,492)	$ (24,696)
Less: Cash equivalents, Unrealized Gains		(1)
Less: Cash equivalents, Fair Value	(89,492)	(24,697)
Equity and debt securities, Amortized Cost Basis	681,478	801,337
Equity and debt securities, Unrealized Gains	3,869	977
Equity and debt securities, Unrealized Losses	(406)	(4,074)
Equity and debt securities, Aggregate Fair Value	684,941	798,240
Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	666,477	776,410
Debt securities, Unrealized Gains	3,869	977
Debt securities, Unrealized Losses	(406)	(4,074)
Debt securities, Aggregate Fair Value	669,940	773,313
Short-Term Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	257,651	202,830
Debt securities, Unrealized Gains	576	239
Debt securities, Unrealized Losses	(65)	(107)
Debt securities, Aggregate Fair Value	258,162	202,962
Short-Term Marketable Securities \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	120,652	75,054
Debt securities, Unrealized Gains	376	136
Debt securities, Unrealized Losses	(7)	(25)
Debt securities, Aggregate Fair Value	121,021	75,165
Short-Term Marketable Securities \| U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	107,518	65,490
Debt securities, Unrealized Gains	104	72
Debt securities, Unrealized Losses	(11)	(23)
Debt securities, Aggregate Fair Value	107,611	65,539
Short-Term Marketable Securities \| U.S. Treasury Bills
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		44,366
Debt securities, Unrealized Gains		19
Debt securities, Unrealized Losses		(2)
Debt securities, Aggregate Fair Value		44,383
Short-Term Marketable Securities \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	28,056	19,177
Debt securities, Unrealized Gains	95	12
Debt securities, Unrealized Losses	(39)	(50)
Debt securities, Aggregate Fair Value	28,112	19,139
Short-Term Marketable Securities \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	925	3,719
Debt securities, Unrealized Gains	1	1
Debt securities, Unrealized Losses		(7)
Debt securities, Aggregate Fair Value	926	3,713
Short-Term Marketable Securities \| Money Market Accounts
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	89,492	19,720
Debt securities, Aggregate Fair Value	89,492	19,720
Short-Term Marketable Securities \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	500
Debt securities, Unrealized Losses	(8)
Debt securities, Aggregate Fair Value	492
Long Term Equity Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,001	24,927
Marketable and non-marketable securities, Aggregate Fair Value	15,001	24,927
Long Term Equity Securities \| Preferred Stock Of Privately Held Company
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Marketable and non-marketable securities, Amortized Cost Basis	15,001	24,927
Marketable and non-marketable securities, Aggregate Fair Value	15,001	24,927
Debt Securities due After 1 Year through 5 Years
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	408,826	573,580
Debt securities, Unrealized Gains	3,293	738
Debt securities, Unrealized Losses	(341)	(3,967)
Debt securities, Aggregate Fair Value	411,778	570,351
Debt Securities due After 1 Year through 5 Years \| U.S. Government Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	305,215	379,060
Debt securities, Unrealized Gains	2,955	565
Debt securities, Unrealized Losses	(136)	(2,283)
Debt securities, Aggregate Fair Value	308,034	377,342
Debt Securities due After 1 Year through 5 Years \| U.S. Agency Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	76,595	144,398
Debt securities, Unrealized Gains	168	57
Debt securities, Unrealized Losses	(201)	(1,507)
Debt securities, Aggregate Fair Value	76,562	142,948
Debt Securities due After 1 Year through 5 Years \| Corporate Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	26,001	47,801
Debt securities, Unrealized Gains	169	114
Debt securities, Unrealized Losses		(150)
Debt securities, Aggregate Fair Value	26,170	47,765
Debt Securities due After 1 Year through 5 Years \| Municipal Bonds
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis	1,015	1,820
Debt securities, Unrealized Gains	1	2
Debt securities, Unrealized Losses	(4)	(4)
Debt securities, Aggregate Fair Value	$ 1,012	1,818
Debt Securities due After 1 Year through 5 Years \| Yankee Debt Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Debt securities, Amortized Cost Basis		501
Debt securities, Unrealized Losses		(23)
Debt securities, Aggregate Fair Value		$ 478

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Operations as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Cost of revenue	$	1,697	$	1,940	$	5,214	$	5,948
Research and development		3,247		3,583		10,060		11,563
Selling and marketing		736		931		2,337		2,983
General and administrative		4,037		4,466		12,695		13,579
Total	$	9,717	$	10,920	$	30,306	$	34,073

Equity and Debt Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of investment in Equity and Debt Securities

The Company’s investment in equity and debt securities consisted of the following:


	September 30, 2025
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities
Long-term
Preferred stock of privately-held companies	$	15,001		$	—	$	—		$	15,001
Total equity securities		15,001			—		—			15,001
Available-for-sale debt securities
Short-term
U.S. government debt securities		120,652			376		(7	)		121,021
U.S. agency debt securities		107,518			104		(11	)		107,611
Corporate debt securities		28,056			95		(39	)		28,112
Municipal bonds		925			1		—			926
Yankee debt securities		500			—		(8	)		492
Money market accounts		89,492			—		—			89,492
Less: Cash equivalents		(89,492	)		—		—			(89,492	)
Total debt securities due within 1 year		257,651			576		(65	)		258,162
After 1 year through 5 years
U.S. government debt securities		305,215			2,955		(136	)		308,034
U.S. agency debt securities		76,595			168		(201	)		76,562
Corporate debt securities		26,001			169		—			26,170
Municipal bonds		1,015			1		(4	)		1,012
Total debt securities due after 1 year through 5 years		408,826			3,293		(341	)		411,778
Total available-for-sale debt securities		666,477			3,869		(406	)		669,940
Total equity and debt securities	$	681,478		$	3,869	$	(406	)	$	684,941


	December 31, 2024
	Amortized Cost Basis			Unrealized Gains			Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities
Long-term
Preferred stock of privately-held companies	$	24,927		$	—		$	—		$	24,927
Total equity securities		24,927			—			—			24,927
Available-for-sale debt securities
Short-term
U.S. government debt securities		75,054			136			(25	)		75,165
U.S. agency debt securities		65,490			72			(23	)		65,539
U.S. treasury bills		44,366			19			(2	)		44,383
Corporate debt securities		19,177			12			(50	)		19,139
Municipal bonds		3,719			1			(7	)		3,713
Money market accounts		19,720			—			—			19,720
Less: Cash equivalents		(24,696	)		(1	)		—			(24,697	)
Total debt securities due within 1 year		202,830			239			(107	)		202,962
After 1 year through 5 years
U.S. government debt securities		379,060			565			(2,283	)		377,342
U.S. agency debt securities		144,398			57			(1,507	)		142,948
Corporate debt securities		47,801			114			(150	)		47,765
Municipal bonds		1,820			2			(4	)		1,818
Yankee debt securities		501			—			(23	)		478
Total debt securities due after 1 year through 5 years		573,580			738			(3,967	)		570,351
Total available-for-sale debt securities		776,410			977			(4,074	)		773,313
Total equity and debt securities	$	801,337		$	977		$	(4,074	)	$	798,240

Other Significant Balance Sheet Accounts - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Significant Balance Sheet Accounts [Line Items]
Other accrued liabilities	$ 6,910	$ 4,735
ANP Technologies, Inc.,
Other Significant Balance Sheet Accounts [Line Items]
Other accrued liabilities	$ 1,600

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($)
$ in Thousands

Total

Stockholders' Equity

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Fulgent Stockholders' Equity

Noncontrolling Interest

Beginning Balance at Dec. 31, 2023

$ 1,133,286

$ 3

$ 501,718

$ 1,205

$ 633,175

$ 1,136,101

$ (2,815)

Beginning Balance, Shares at Dec. 31, 2023

^[1]

29,653,000

Equity-based compensation

11,518

Exercise of common stock options, Shares

^[1]

1,000

Restricted stock awards, Shares

^[1]

315,000

Common stock withholding for employee tax obligations

(1,682)

Common stock withholding for employee tax obligations, Shares

^[1]

(69,000)

Repurchase of common stock

(225)

Repurchase of common stock, Shares

^[1]

(10,000)

Other comprehensive income (loss), net

(2,405)

(2,307)

(98)

Net loss

(13,846)

(13,462)

(384)

Ending Balance at Mar. 31, 2024

1,126,646

$ 3

511,329

(1,102)

619,713

1,129,943

(3,297)

Ending Balance, Shares at Mar. 31, 2024

^[1]

29,890,000

Beginning Balance at Dec. 31, 2023

1,133,286

$ 3

501,718

1,205

633,175

1,136,101

(2,815)

Beginning Balance, Shares at Dec. 31, 2023

^[1]

29,653,000

Repurchase of common stock

$ (200)

Repurchase of common stock, Shares

(10,000)

Net loss

$ (37,630)

Ending Balance at Sep. 30, 2024

1,134,898

$ 3

532,909

9,178

596,355

1,138,445

(3,547)

Ending Balance, Shares at Sep. 30, 2024

^[1]

30,537,000

Beginning Balance at Mar. 31, 2024

1,126,646

$ 3

511,329

(1,102)

619,713

1,129,943

(3,297)

Beginning Balance, Shares at Mar. 31, 2024

^[1]

29,890,000

Equity-based compensation

11,635

Restricted stock awards, Shares

^[1]

212,000

Common stock withholding for employee tax obligations

(544)

Common stock withholding for employee tax obligations, Shares

^[1]

(26,000)

Common stock issued in a business combination, Shares

^[1]

186,000

Other comprehensive income (loss), net

201

225

(24)

Net loss

(9,090)

(8,710)

(380)

Ending Balance at Jun. 30, 2024

1,128,848

$ 3

522,420

(877)

611,003

1,132,549

(3,701)

Ending Balance, Shares at Jun. 30, 2024

^[1]

30,262,000

Equity-based compensation

10,920

Restricted stock awards, Shares

^[1]

293,000

Common stock withholding for employee tax obligations

(431)

Common stock withholding for employee tax obligations, Shares

^[1]

(18,000)

Repurchase of common stock

$ 0

Repurchase of common stock, Shares

Other comprehensive income (loss), net

$ 10,255

10,055

200

Net loss

(14,694)

(14,648)

(46)

Ending Balance at Sep. 30, 2024

1,134,898

$ 3

532,909

9,178

596,355

1,138,445

(3,547)

Ending Balance, Shares at Sep. 30, 2024

^[1]

30,537,000

Beginning Balance at Dec. 31, 2024

1,129,159

$ 3

543,126

(368)

590,467

1,133,228

(4,069)

Beginning Balance, Shares at Dec. 31, 2024

30,841,000

Equity-based compensation

10,550

Restricted stock awards, Shares

360,000

Common stock withholding for employee tax obligations

(1,887)

Common stock withholding for employee tax obligations, Shares

(111,000)

Repurchase of common stock

(7,886)

Repurchase of common stock, Shares

(469,000)

Other comprehensive income (loss), net

4,733

4,703

Net loss

(11,899)

(11,530)

(369)

Ending Balance at Mar. 31, 2025

1,122,770

$ 3

543,903

4,335

578,937

1,127,178

(4,408)

Ending Balance, Shares at Mar. 31, 2025

30,621,000

Beginning Balance at Dec. 31, 2024

1,129,159

$ 3

543,126

(368)

590,467

1,133,228

(4,069)

Beginning Balance, Shares at Dec. 31, 2024

30,841,000

Repurchase of common stock

$ (10,900)

Repurchase of common stock, Shares

(600,000)

Net loss

$ (37,981)

Ending Balance at Sep. 30, 2025

1,120,757

$ 3

565,690

6,823

553,372

1,125,888

(5,131)

Ending Balance, Shares at Sep. 30, 2025

30,854,000

Beginning Balance at Mar. 31, 2025

1,122,770

$ 3

543,903

4,335

578,937

1,127,178

(4,408)

Beginning Balance, Shares at Mar. 31, 2025

30,621,000

Equity-based compensation

10,039

Restricted stock awards, Shares

182,000

Common stock withholding for employee tax obligations

(345)

Common stock withholding for employee tax obligations, Shares

(18,000)

Repurchase of common stock

(2,998)

Repurchase of common stock, Shares

(177,000)

Other comprehensive income (loss), net

1,426

1,663

(237)

Net loss

(19,256)

(18,957)

(299)

Ending Balance at Jun. 30, 2025

1,111,636

$ 3

550,599

5,998

559,980

1,116,580

(4,944)

Ending Balance, Shares at Jun. 30, 2025

30,608,000

Equity-based compensation

9,717

Restricted stock awards, Shares

264,000

Common stock withholding for employee tax obligations

(357)

Common stock withholding for employee tax obligations, Shares

(18,000)

Contingently issuable shares in a business combination

^[2]

5,731

Repurchase of common stock

$ 0

Repurchase of common stock, Shares

Other comprehensive income (loss), net

$ 856

825

Net loss

(6,826)

(6,608)

(218)

Ending Balance at Sep. 30, 2025

$ 1,120,757

$ 3

$ 565,690

$ 6,823

$ 553,372

$ 1,125,888

$ (5,131)

Ending Balance, Shares at Sep. 30, 2025

30,854,000

[1]	185,503 shares of the Company’s common stock were issued in May 2024 by the Company upon expiration of hold back provisions in connection with the business combination of Fulgent Pharma Holdings, Inc., or Fulgent Pharma, in 2022.
[2]	The Company agreed to issue up to 292,682 shares of the Company’s common stock in the acquisition of ANP Technologies, Inc., or ANP, upon achieving certain cash receipts. $5.7 million represented the fair value of the shares on the acquisition date. As of September 30, 2025, no common stock has been issued as the milestones have not been met. See details in Note 15. Business Combinations.

Goodwill and Intangible Assets - Summary of Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Line Items]
Balance at December 31, 2024	$ 22,055
Balance at September 30, 2025	25,080
Therapeutic Development
Goodwill [Line Items]
Balance at December 31, 2024	22,055
Goodwill acquired	3,025
Balance at September 30, 2025	$ 25,080

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flow from operating activities:
Net loss from consolidated operations	$ (37,981)	$ (37,630)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation	30,306	34,073
Depreciation and amortization	18,011	18,736
Adjustment for credit losses	5,794	(3,210)
Noncash lease expense	1,197	3,283
(Gain) loss on disposal of fixed asset	(3)	217
Amortization of discount of marketable securities	(4,161)	(4,005)
Deferred taxes	(1,110)	(3,372)
Unrecognized tax benefits	437	348
Net realized (gain) loss on marketable securities	(21)	942
Impairment loss	9,926	10,073
Other	34	14
Changes in operating assets and liabilities:
Trade accounts receivable	(7,874)	(2,978)
Income tax	(33,056)	(20,199)
Other current and long-term assets	(1,025)	(576)
Accounts payable	(374)	3,874
Contract liabilities	75	93
Customer deposits	923	4,236
Accrued liabilities and other liabilities	(3,414)	(4,589)
Operating lease liabilities	(1,179)	(3,288)
Net cash used in operating activities	(23,495)	(3,958)
Cash flow from investing activities:
Maturities of marketable securities	132,910	278,008
Proceeds from sale of marketable securities	0	101,528
Proceeds from sale of fixed assets	5	313
Purchase of marketable securities	(18,879)	(374,209)
Purchases of fixed assets	(17,594)	(36,537)
Acquisition of businesses, net of cash	3,775
Net cash provided by (used in) investing activities	100,217	(30,897)
Cash flow from financing activities:
Repurchase of common stock	(10,884)	(225)
Common stock withholding for employee tax obligations	(2,589)	(2,657)
Repayment of notes payable	(471)	(1,230)
Principal paid for finance lease	(311)	(408)
Net cash used in financing activities	(14,255)	(4,520)
Effect of exchange rate changes on cash and cash equivalents	30	79
Net increase (decrease) in cash, cash equivalents, and restricted cash	62,497	(39,296)
Cash, cash equivalents, and restricted cash at beginning of period	55,279	97,473
Cash, cash equivalents, and restricted cash at end of period	117,776	58,177
Supplemental disclosures of cash flow information:
Cash and cash equivalents	117,641	58,042
Restricted cash	135	135
Total cash, cash equivalents, and restricted cash	117,776	58,177
Income taxes paid	32,936	26,642
Interest Paid	48	462
Supplemental disclosures of non-cash investing and financing activities:
Contingent consideration for business acquisition included in additional paid-in capital	5,731
Purchases of fixed assets in accounts payable	2,071	2,488
Holdback for acquisition of business included in other long-term liabilities	1,887
Operating lease right-of-use assets obtained in exchange for lease liabilities	38	1,158
Operating lease right-of-use assets reduced due to lease modification and termination	(46)	57
Operating lease liabilities removed due to purchasing underlying assets		$ 2,799

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting periods. These estimates, judgments and assumptions are based on historical data and experience available at the date of the accompanying condensed consolidated financial statements, as well as various other factors management believes to be reasonable under the circumstances. The Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from these estimates.

On an ongoing basis, management evaluates its estimates, primarily those related to: (i) revenue recognition criteria, (ii) accounts receivable and allowances for credit losses, (iii) the useful lives of fixed assets and intangible assets, (iv) estimates of tax liabilities, (v) valuation of goodwill and indefinite-lived intangible assets at time of acquisition and on a recurring basis, and (vi) valuation of investments.

Trade Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are stated at the amount the Company expects to collect. The Company maintains an allowance for credit losses for expected uncollectible trade accounts receivable, which is recorded as an offset to trade accounts receivable, and changes in allowance for credit losses are classified as a general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company assesses collectability by reviewing trade accounts receivable on a collective basis where similar risk characteristics exist and on an individual basis when it identifies specific customers that have deterioration in credit quality such that they may no longer share similar risk characteristics with the other receivables. In determining the amount of the allowance for credit losses, the Company uses a loss rate model or probability-of-default and loss-given default model. Following the loss rate method, expected credit losses are determined based on an estimated historical loss rate. The probability of default method allows the ability to define a point of default and measure credit losses for receivables that have reached the point of default for purposes of calculating the allowance for credit losses. Loss-given default represents the likelihood that a receivable that has reached the point of default will not be collected in full. The Company updates its loss rate and factors quarterly to incorporate the most recent historical data and adjusts the quantitative portion of the reserve through its qualitative reserve overlay. The Company looks at qualitative factors such as general economic conditions in determining expected credit losses.

A roll-forward of the activity in the Company’s allowance for credit losses for the nine months ended September 30, 2025, dollars in thousands, is as follows:


Allowance for credit losses at beginning of year	$	20,458
Current period provision		5,794
Write-downs		(4,795	)
Recoveries of amounts previously charged off		71
Allowance for credit losses as of September 30, 2025	$	21,528

Business Combinations

The Company uses the acquisition method of accounting and allocates the fair value of purchase consideration to the assets acquired and liabilities assumed from an acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

Finite-Lived Intangible Assets

Intangible assets, unless determined to be indefinite-lived, are amortized over their estimated useful lives. The Company amortizes intangible assets with definite lives on a straight-line basis generally over periods ranging from 3 to 18 years. See Note 14. Goodwill and Intangible Assets, for details of intangible assets.

Impairment of Long-Lived Assets

The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of an asset and its eventual disposition are less than the carrying amount of the asset.

Goodwill and Indefinite-Lived Intangibles

In-process research & development, or IPR&D, costs are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time.

The Company assesses goodwill and indefinite-lived intangibles for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company may choose to bypass a qualitative assessment of impairment for any reporting unit and proceed directly to performing a quantitative assessment. An impairment loss would be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value.

The Company’s quantitative assessment includes estimating the fair value of each reporting unit and comparing it to its carrying value. The Company estimates the fair value of reporting units using both income-based and market-based valuation methods and typically engages a third-party appraisal firm to assist with the valuation. The estimated fair value for each reporting unit is determined based upon the range of estimated values developed from the income and market-based methods. If the estimated fair value of a reporting unit exceeds its carrying value, the goodwill is not impaired, and no further review is required.

The income-based fair value methodology is based on a reporting unit’s forecasted future cash flows that are discounted to the present value using the reporting unit’s weighted-average cost of capital. The income-based approach requires management’s assumptions and judgments regarding economic conditions in the markets in which the company operates and conditions in the capital markets, many of which are outside of management’s control. The market-based fair value methodology looks at the guideline public company valuation method to determine the prices of comparable public companies and looks at merger and acquisition methods, similar businesses that were sold recently, to estimate the value of the reporting units. Under the market-based approach, judgment is required in evaluating market multiples and recent transactions.

Fair Value of Financial Instruments

The Company’s financial instruments consist principally of cash and cash equivalents, marketable securities, trade accounts receivable, restricted cash, preferred stock investments, accounts payable, and accrued liabilities. The carrying amounts of certain of these financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. Fair value of marketable securities and the preferred stock investments is disclosed in Note 4. Fair Value Measurements, to the accompanying condensed consolidated financial statements.

Concentrations of Credit Risk, Customers, and Suppliers

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable, and marketable securities. As of September 30, 2025, substantially all of the Company’s cash and cash equivalents were deposited in accounts at financial institutions, and amounts typically exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash and cash equivalents are held.

In certain periods, a small number of customers have accounted for a significant portion of the Company’s revenue. For the laboratory services segment, aggregating customers under common control, one customer comprised $19.2 million, or 23%, of total revenue in the three months ended September 30, 2025, and $54.4 million, or 23%, of the Company’s revenue in the nine months ended September 30, 2025. The same customer comprised $16.2 million, or 23%, of total revenue in the three months ended September 30, 2024, and $45.7 million, or 22%, of the Company’s revenue in the nine months ended September 30, 2024. The same customer comprised 14% of total accounts receivable, net, as of September 30, 2025, and 15% of total accounts receivable, net, as of December 31, 2024. For the therapeutic development segment, the Company does not have customers or revenue as it does not have any commercialized or approved drug candidates.

The Company’s therapeutic development business relies on ANP Technologies, Inc., or ANP, for certain laboratory services, equipment, tools, and drug intermediates in connection with research and development efforts. In July 2025, the Company completed an acquisition of 100% of the outstanding equity of ANP. See more details in Note 15. Business Combinations. The Company also relies on a limited number of suppliers for certain laboratory substances used in the chemical reactions incorporated into its processes, referred to as reagents, as well as for the sequencers and various other equipment and materials it uses in its laboratory operations. In particular, the Company relies on a sole supplier for the next generation sequencers and associated reagents it uses to perform its genetic tests and as the sole provider of maintenance and repair services for these sequencers. The Company’s laboratory operations would be interrupted if it encountered delays or difficulties securing these reagents, sequencers, other equipment or materials or maintenance and repair services, which could occur for a variety of reasons, including if the Company needs a replacement or temporary substitute for any of its limited or sole suppliers and is not able to locate and make arrangements with an acceptable replacement or temporary substitute. The Company’s development efforts could also be delayed or interrupted if it is unable to procure items needed for its therapeutic development activities. The Company believes there are currently only a few other manufacturers that are capable of supplying and servicing some of the equipment and other materials necessary for its laboratory operations, including sequencers and various associated reagents.

Reportable Segment and Geographic Information

Reportable segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the Chief Operating Decision Maker, or CODM, in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. The Company reports its business in two segments, a laboratory

services business and a therapeutic development business. For further financial information about these segments, including information for each of the periods presented regarding revenue, operating income (loss), and other important information, see Note 7. Reportable Segment and Geographic Information, to the accompanying condensed consolidated financial statements.

Foreign Currency Translation and Foreign Currency Transactions

The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Expenses for these subsidiaries are translated using rates that approximate those in effect during the period. These unrealized gains and losses are recognized in accumulated other comprehensive income in the equity section of the accompanying Condensed Consolidated Balance Sheets, and do not impact net income.

The Company and its subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period. The carrying value of these will change with exchange rate fluctuations resulting in a foreign currency transaction gain or loss which is recognized in other income, net in the Condensed Consolidated Statements of Operations. Reagents and supplies, property, and other nonmonetary assets and liabilities are remeasured when the transaction is initially recognized using the historical rate that was in effect when the asset was acquired or liability was incurred. The carrying amounts do not change as a result of exchange rate fluctuations and no foreign currency transaction gain or loss is recognized. Gains and losses from foreign currency exchange were not significant for the three and nine months ended September 30, 2025, and 2024.

Income Taxes

The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon several significant estimates and judgments, including the estimated annual pre-tax income (loss) of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense can be impacted by changes in tax rates or laws and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions.

Comprehensive Loss

Comprehensive loss is comprised of net loss and other comprehensive income or loss. Other comprehensive income or loss consists of net unrealized gain or loss on available-for-sale debt securities, net of tax, and foreign currency translation adjustments from the Company’s subsidiaries not using the U.S. dollar as their functional currency. There was no reclassification from other comprehensive income or loss to net loss in the three and nine months ended September 30, 2025. Reclassifications from other comprehensive loss to net loss were $2.7 million and $3.5 million in the three and nine months ended September 30, 2024, respectively. The tax effect related to net unrealized gain or loss on the available-for-sale debt securities was zero in each of the three and nine months ended September 30, 2025, and 2024, due to the valuation allowance that precludes the Company from recognizing the deferred tax benefit.

Disaggregation of Revenue

The Company classifies its customers into three payor types: (i) Institutional, including hospitals, medical institutions, other laboratories, governmental bodies, and large corporations, (ii) Insurance, or (iii) Patients who pay directly, as the Company believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. The following table summarizes revenue from contracts with customers by payor type for the three and nine months ended September 30, 2025, and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue by payor
Institutional	$	48,947	$	39,822	$	135,890	$	112,376
Insurance		32,679		30,661		97,808		91,584
Patients		2,443		1,260		5,637		3,296
Total revenue	$	84,069	$	71,743	$	239,335	$	207,256

During the three and nine months ended September 30, 2024, the Company experienced a change in estimate related to variable consideration, leading to the recognition of zero and $1.8 million variable consideration, respectively, that related to COVID-19 test

services completed in the prior periods due to collection efforts. This was included as revenue from insurance in the table above. There was zero such variable consideration recognized in each of the three and nine months ended September 30, 2025. The Company estimates variable consideration using the expected value method. Any changes in variable consideration estimates that affect transactions are accounted for on a cumulative catch-up basis.

Contract Balances

Receivables from contracts with customers - Receivables from contracts with customers are included within trade accounts receivable on the Condensed Consolidated Balance Sheets. Receivables from Insurance and Institutional customers represented 52% and 48%, respectively, as of September 30, 2025, and 44% and 56%, respectively, as of December 31, 2024.

Contract assets and liabilities - Contract assets from contracts with customers associated with contract execution and certain costs to fulfill a contract are included in other current assets in the accompanying Condensed Consolidated Balance Sheets. Contract liabilities are recorded when the Company receives payment prior to completing its obligation to transfer goods or services to a customer. Contract liabilities are included in the Condensed Consolidated Balance Sheets. Revenues of $0.2 million and $0.4 million were recognized for the three and nine months ended September 30, 2025, respectively, and $0.8 million and $1.6 million were recognized for the three and nine months ended September 30, 2024, respectively, related to contract liabilities at the beginning of the respective periods.

Prior Period Reclassifications

Certain amounts reported in the prior period have been reclassified to conform with the current period presentation. In Note 6. Other Significant Balance Sheet Accounts, the Company has combined accrued legal liabilities with other accrued liabilities.

Recent Accounting Pronouncements

The Company evaluates all Accounting Standards Updates, or ASUs, issued by the Financial Accounting Standards Board, or FASB, for consideration of their applicability. ASUs not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures. This update requires more detailed information on certain income tax disclosures including the income tax rate reconciliation and income taxes paid. Amendments in this update are effective for annual periods beginning December 15, 2024, for public entities, and early adoption is permitted. This update is intended to result in enhanced income tax disclosures, and the Company does not expect any impact to income tax expense.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires disclosure in the notes to financial statements of specified information about certain costs and expenses. Amendments in this update are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impacts of this amendment on its consolidated financial statements and related disclosure.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides all entities with a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Amendments in this update are effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update simplifies the capitalization guidance by removing all references to software development project stages, so that the guidance is neutral to different software development methods. Amendments in this update are effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impacts of this amendment on its financial statements and related disclosures.

The Company does not expect that any other recently issued accounting guidance will have a significant effect on its condensed consolidated financial statements.

Other Significant Balance Sheet Accounts (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Prepaid income taxes	$	36,478	$	3,422
Reagents and supplies		10,064		8,384
Marketable securities interest receivable		6,126		6,241
Prepaid expenses		6,314		6,629
Other receivable		1,402		1,768
Total	$	60,384	$	26,444

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Payroll liabilities	$	5,618	$	8,210
Vacation accrual		5,108		4,088
Accrued bonus and commission		3,887		5,803
Operating lease liabilities - short term		1,487		1,443
Other accrued liabilities		6,910		4,735
Total	$	23,010	$	24,279

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	September 30, 2025		December 31, 2024
	(in thousands)
Operating lease liabilities, long term	$	3,622	$	4,120
Notes payable, long term		1,958		2,493
Other long-term liabilities		1,977		360
Total	$	7,557	$	6,973

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

The Company recorded consolidated benefit from income taxes of $0.7 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, compared to $3.8 million and $6.3 million for the three and nine months ended September 30, 2024, respectively. The Company’s effective tax rates were 9% and 7% for the three and nine months ended September 30, 2025, respectively, compared to 21% and 14% for the three and nine months ended September 30, 2024, respectively. The change in the effective tax rate compared to prior periods is due to the valuation allowance in the current period that precludes the Company from recognizing the benefit from net operating losses.

The Company is under examination by certain tax authorities for the 2020 to 2021 and 2023 tax years. While the timing of the conclusion of the examination is uncertain, the Company believes that adequate amounts have been reserved for adjustments that may result. During 2025, the statutes of limitations will lapse on the Company’s 2021 federal tax year and certain 2020 and 2021 state tax years. The Company does not believe the federal or state statute lapses or any other event will significantly impact the balance of unrecognized tax benefits in the next 12 months.

The Company received $0.1 million and $1.8 million in income tax refunds in the three and nine months ended September 30, 2025, respectively, and $2.9 million and $9.8 million in the three and nine months ended September 30, 2024, respectively. The income tax refunds received were not netted in the income tax paid amounts included in the supplemental disclosure in the accompanying Condensed Consolidated Statements of Cash Flows.

During the nine months ended September 30, 2025, the Company purchased $33.8 million of Investment Tax Credits, or ITCs, under the transferability provisions of the Inflation Reduction Act of 2022 for $31.7 million in cash. The $2.1 million difference between the purchase price and the face value of the credits has been recorded as an increase to the Company’s income tax benefit for the period. The Company will not utilize any of the acquired credits on its 2024 tax return. Instead, the Company will carry back the credits to its 2021 and 2022 tax years and file a request for a refund. As such, the entire $33.8 million is reflected as an increase in the Company’s prepaid income tax in other current assets in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2025. The payment of this refund may be delayed during the pendency of and as a result of the U.S. “government shutdown” in effect as of the date of these financial statements.

On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was signed into law, making permanent certain provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing. In accordance with ASC 740, “Income Taxes,” the Company has recognized the effects of the new tax law in the period of enactment. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The legislation does not have a material impact on our consolidated financial statements for the quarter ended September 30, 2025. The Company is still evaluating the potential impact of the changes in the OBBBA on future periods.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Reportable Segment and Geographic Information - Schedule of Depreciation and Amortization By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Depreciation and amortization			$ 18,011	$ 18,736
Operating Segments
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Depreciation and amortization	$ 6,038	$ 5,920	18,011	18,736
Laboratory Services \| Operating Segments
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Depreciation and amortization	5,928	5,751	17,572	18,219
Therapeutic Development \| Operating Segments
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Depreciation and amortization	$ 110	$ 169	$ 439	$ 517

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Leases - Additional Information (Details)	Sep. 30, 2025
Lessee Lease Description [Line Items]
Operating leases term of expiration	2034-03
Finance leases term of expiration	2026-12

Fixed Assets

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Fixed Assets

Note 5. Fixed Assets

Major classes of fixed assets consisted of the following:


	Useful Lives	September 30, 2025			December 31, 2024
		(in thousands)
Medical lab equipment	5 months to 13 Years	$	56,704		$	57,541
Building improvements	6 months to 39 Years		29,629			27,924
Building	25 to 39 Years		21,689			21,689
Computer hardware	1 to 5 Years		8,419			7,328
Computer software	1 to 10 Years		6,289			7,214
Aircraft	7 Years		6,400			6,400
Leasehold improvements	Shorter of lease term or estimated useful life		4,324			3,323
Furniture and fixtures	1 to 11 Years		4,256			4,109
Land improvements	5 to 15 Years		938			904
Automobile	3 to 8 Years		616			581
General equipment	5 Years		186			108
Land			17,347			17,347
Assets not yet placed in service			9,267			2,792
Total			166,064			157,260
Less: Accumulated depreciation			(54,199	)		(51,711	)
Fixed assets, net		$	111,865		$	105,549

Depreciation expenses on fixed assets totaled $3.9 million and $11.7 million for the three and nine months ended September 30, 2025, respectively, and $3.8 million and $12.4 million for the three and nine months ended September 30, 2024, respectively.

Business Combinations

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

Business Combinations

Note 15. Business Combinations

ANP Technologies, Inc.

On July 9, 2025, the Company completed an acquisition of 100% of the outstanding equity of ANP, an innovation-driven company, which has developed multiple proprietary product platforms. The acquisition was structured as a combination of cash and stock, net of cash received. This acquisition enables the Company to secure ownership of the patents previously licensed from ANP, which are currently utilized in ongoing clinical studies. By securing full ownership of these intellectual property rights, the Company aims to enhance its control over the development and commercialization of related therapeutic candidates, thereby aligning with its strategic objectives to advance clinical programs.

The financial results of ANP are included in the condensed consolidated financial statements from the date of acquisition. The Company allocated the purchase price to tangible assets and identified intangible assets acquired, liabilities assumed and goodwill based on estimated fair values. As additional information becomes available, including the filing and finalization of federal and state tax returns for periods prior to the acquisition date, the Company may further update the preliminary purchase price allocation during the remainder of the measurement period (up to one year from the acquisition date). The following tables summarize the consideration and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Considerations
Cash paid	$	14,322
Cash held back		1,887
Settlement of pre-existing accounts payable		(290	)
Contingent consideration		5,731
Total considerations	$	21,650

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	18,097
Trade accounts receivable		7
Other current assets		97
ROU assets - operating		612
Other long-term assets		15
Identifiable intangible assets		6,200
Accounts payable		(75	)
Accrued liabilities		(591	)
Operating lease liabilities		(612	)
Income tax payable		(1,562	)
Other long-term liabilities		(3,563	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		18,625
Goodwill		3,025
Total	$	21,650

The acquisition includes a contingent consideration arrangement that requires the Company to issue up to 292,682 shares of the Company’s common stock to the sellers of ANP upon ANP’s achievement of certain minimum levels of cash receipts over the next two years. The contingent consideration is classified as equity, and the fair value of $5.7 million was calculated based on the stock price of the Company’s common stock on the acquisition date. The fair value of the contingent consideration does not need to be remeasured, as the subsequent settlement will be accounted for as equity.

The merger agreement calls for the Company to holdback $1.9 million to serve as collateral for indemnification of the equity holders. $1.0 million of the holdback will be released to the sellers of ANP after the initial survival date (three years after closing) and the remaining amount is to be released four years after the closing date.

The goodwill of $3.0 million arising from the acquisition is attributed to the expected synergies, assembled workforce and other benefits that will potentially be generated from the business combination and deferred tax. The goodwill recognized is not deductible for tax purposes.

The identified intangible assets acquired consisted of $3.9 million IPR&D which is an indefinite-lived asset and as such is not amortized, and $2.3 million customer relationships with an estimated amortization life of 18 years.

The fair value of the IPR&D was estimated using the cost to recreate method of the cost approach. The cost to recreate method estimates the expense to the Company if the intangible assets were to be recreated. The fair value of the customer relationships was estimated using the Multiperiod Excess Earnings Method, or MPEEM, under the income approach. Under the MPEEM, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows attributable only to the subject intangible asset after deducting contributory asset charges. The incremental after-tax cash flows attributable to the customer contract are then discounted to their present value at a risk-adjusted rate of return. The useful lives of the intangible assets for amortization purposes were determined by considering the period of expected cash flows used to measure the fair values of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic and other factors that may limit the useful life. The customer relationships are amortized on a straight-line basis over the estimated useful lives.

The revenue and operating loss of the acquiree since the acquisition date are $0.1 million and $0.3 million, respectively, which are included in the accompanying Condensed Consolidated Statements of Operations.

The transaction costs associated with the acquisition of ANP consisted primarily of legal, regulatory and financial advisory fees of approximately $0.1 million and $0.4 million for the three and nine months ended September 30, 2025, respectively. These transaction costs were expensed as incurred as general and administrative expense in the respective periods.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is based on the combined results of operations of Fulgent and ANP as if the acquisition had occurred on January 1, 2024. The unaudited pro forma financial information does not reflect the effect of costs or synergies that may result from the acquisition and has been adjusted for the following:

Acquisition-related costs - Acquisition-related costs incurred by both Fulgent and ANP were excluded from the net loss attributable to Fulgent, and total costs were $2.1 million and $2.4 million for the three and nine months ended September 30, 2025, respectively.

Related-party transactions - Related-party transactions between Fulgent and ANP that would be considered intercompany transactions were excluded from revenue and the net loss attributable to Fulgent, and total costs were zero and $0.6 million for the three and nine months ended September 30, 2025, respectively, and $0.6 million and $1.6 million for the three and nine months ended September 30, 2024, respectively.

Other adjustments to the net income attributable to Fulgent were zero and $0.1 million for the three months ended September 30, 2025, respectively, and insignificant and $0.1 million for the three and nine months ended September 30, 2024, respectively.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)
Revenue	$	84,053		$	71,569		$	249,986		$	217,512
Net loss attributable to Fulgent	$	(6,504	)	$	(14,436	)	$	(31,604	)	$	(30,805	)

The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of future operating results of the combined company. This information should not be used as a predictive measure of the Company's future financial position, results of operations, or liquidity.

- Definition

The entire disclosure for business combination.

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+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($) Customer	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2025 USD ($) Customer Segment	Sep. 30, 2024 USD ($) Customer	Dec. 31, 2024 Customer	Jul. 09, 2025
Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments \| Segment			2
Contract with customer liability, revenue recognized	$ 200,000	$ 800,000	$ 400,000	$ 1,600,000
Reclassification from other comprehensive income (loss)	0	2,700,000	0	3,500,000
Tax effects related to unrealized holding gain on available-for-sale debt securities	0	0	0	0
Variable consideration	$ 0	$ 0	$ 0	$ 1,800,000
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]			srt:ChiefExecutiveOfficerMember
ANP Technologies, Inc.,
Summary Of Significant Accounting Policies [Line Items]
Acquisition of percentage						100.00%
Insurance Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of net accounts receivable from contract	52.00%		52.00%		44.00%
Institutional Customer
Summary Of Significant Accounting Policies [Line Items]
Percentage of net accounts receivable from contract	48.00%		48.00%		56.00%
Customer Concentration Risk \| Revenue \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	1	1	1	1
Revenues	$ 19,200,000	$ 16,200,000	$ 54,400,000	$ 45,700,000
Concentration risk, percentage	23.00%	23.00%	23.00%	22.00%
Customer Concentration Risk \| Accounts Receivable \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer			1		1
Concentration risk, percentage			14.00%		15.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life	3 years		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Intangible asset, useful life	18 years		18 years

Stock Repurchase Program

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stock Repurchase Program

Note 16. Stock Repurchase Program

In March 2022, the Company’s Board of Directors authorized a $250.0 million stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated transactions. The stock repurchase program has no expiration from the date of authorization.

During the three and nine months ended September 30, 2025, the Company repurchased zero and 0.6 million shares of its common stock, respectively, at an aggregate cost of zero and $10.9 million, respectively, under the stock repurchase program. During the three and nine months ended September 30, 2024, the Company repurchased zero and 10,000 shares of its common stock, respectively, at an aggregate cost of zero and $0.2 million, respectively. As of September 30, 2025, a total of approximately $139.6 million remained available for future repurchases of its common stock under the stock repurchase program.

- Definition

The entire disclosure for equity.

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+ Details

Leases - Schedule of Operating and Financing Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease cost	$ 556	$ 767	$ 1,437	$ 3,744
Finance lease cost:
Amortization of ROU assets	85	134	301	407
Interest on lease liabilities	4	9	15	32
Short-term lease cost	424	360	1,382	998
Total lease cost	$ 1,069	$ 1,270	$ 3,135	$ 5,181

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments carrying value					$ 9,900,000
Impairment loss		$ 10,073,000	$ 9,926,000	$ 10,073,000
Fair value assets, transfers between levels, amount	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Roll-Forward for Allowance for Credit Losses

roll-forward of the activity in the Company’s allowance for credit losses for the nine months ended September 30, 2025, dollars in thousands, is as follows:


Allowance for credit losses at beginning of year	$	20,458
Current period provision		5,794
Write-downs		(4,795	)
Recoveries of amounts previously charged off		71
Allowance for credit losses as of September 30, 2025	$	21,528

Accounting Standards Update 2014-09

Summary of Revenue from Contracts with Customers by Payor Type

The following table summarizes revenue from contracts with customers by payor type for the three and nine months ended September 30, 2025, and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue by payor
Institutional	$	48,947	$	39,822	$	135,890	$	112,376
Insurance		32,679		30,661		97,808		91,584
Patients		2,443		1,260		5,637		3,296
Total revenue	$	84,069	$	71,743	$	239,335	$	207,256

Loss per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Loss per Share

Note 12. Loss per Share

The following table presents the calculation of basic and diluted loss per share for the three and nine months ended September 30, 2025, and 2024:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)
Net loss attributable to Fulgent	$	(6,608	)	$	(14,648	)	$	(37,095	)	$	(36,820	)

Weighted-average common shares - outstanding, basic		30,749			30,416			30,708			30,095
Weighted-average common shares - outstanding, diluted		30,749			30,416			30,708			30,095

Loss per share:
Basic	$	(0.21	)	$	(0.48	)	$	(1.21	)	$	(1.22	)
Diluted	$	(0.21	)	$	(0.48	)	$	(1.21	)	$	(1.22	)

The following securities have been excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Stock options		101		228		101		228
Restricted stock units		2,368		2,177		2,368		2,177
Contingently issuable shares		293		—		293		—

In the three and nine months ended September 30, 2025, and 2024, the Company had outstanding stock options and restricted stock units that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions.

In the three and nine months ended September 30, 2025, the Company also had contingently issuable shares for contingent consideration to the acquisition of ANP that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions. The milestones have not been satisfied as of September 30, 2025, thus, nothing was included in dilutive shares. See more details in Note 15. Business Combinations.

Other Significant Balance Sheet Accounts - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Operating lease liabilities, long term	$ 3,622	$ 4,120
Notes payable, long term	1,958	2,493
Other long-term liabilities	1,977	360
Total	$ 7,557	$ 6,973

Overview and Basis of Presentation

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. These financial statements include the assets, liabilities, revenues and expenses of all subsidiaries and entities in which the Company has a controlling financial interest or is deemed to be the primary beneficiary. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. The Company uses the equity method to account for its investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions are eliminated from the accompanying condensed consolidated financial statements.

Nature of the Business

Fulgent Genetics, Inc., together with its subsidiaries and affiliated professional corporations, or PCs (collectively referred to as the Company, unless otherwise noted or the context requires otherwise), is a technology-based company with a well-established laboratory services business and a therapeutic development business. Its laboratory services business includes technical laboratory services and testing services and professional interpretation of laboratory results by licensed physicians. Its therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a genomic diagnostic business into a fully integrated precision medicine company.

Unaudited Interim Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2024, which are included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 28, 2025, or the 2024 Annual Report, and, in the opinion of management, include all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the Company’s financial position and results of operations. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or any other period. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2024, has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the 2024 Annual Report, including the notes thereto.

Reportable Segment and Geographic Information - Schedule of Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 84,069	$ 71,743	$ 239,335	$ 207,256
Laboratory Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	83,931	71,743	239,197	207,256
Therapeutic Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	138	0	138	0
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	84,069	71,743	239,335	207,256
Operating Segments \| Laboratory Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	83,931	71,743	239,197	207,256
Operating Segments \| Therapeutic Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	138	0	138	0
Operating Segments \| Precision Diagnostics \| Laboratory Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	50,734	43,582	142,123	124,172
Operating Segments \| Anatomic Pathology \| Laboratory Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	25,983	24,228	79,405	70,766
Operating Segments \| BioPharma Services \| Laboratory Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	7,214	3,933	17,533	10,201
Operating Segments \| COVID-19 [Member] \| Laboratory Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	0	0	136	2,117
Operating Segments \| Other Revenue [Member] \| Therapeutic Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 138	$ 0	$ 138	$ 0

Related Party - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	4 Months Ended	9 Months Ended
	Apr. 25, 2025	Sep. 30, 2024	Apr. 25, 2025	Sep. 30, 2024	Jul. 09, 2025	Dec. 31, 2024
ANP Technologies, Inc.,
Related Party Transaction [Line Items]
Acquisition of percentage					100.00%
ANP Technologies, Inc., \| Ming Hsieh
Related Party Transaction [Line Items]
Ownership percentage	20.00%		20.00%
ANP Technologies Inc
Related Party Transaction [Line Items]
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember			us-gaap:RelatedPartyMember
Purchased from related party	$ 0.0	$ 0.6	$ 0.6	$ 1.6
Accounts payable	$ 0.3		$ 0.3			$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Reportable Segment and Geographic Information - Summary of Property, Plant and Equipment, Net by Geographic Distribution (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Fixed assets, net	$ 111,865	$ 105,549
Operating Segments
Segment Reporting Information [Line Items]
Fixed assets, net	111,865	105,549
United States \| Operating Segments
Segment Reporting Information [Line Items]
Fixed assets, net	105,462	98,992
China \| Operating Segments
Segment Reporting Information [Line Items]
Fixed assets, net	4,717	4,616
Other countries \| Operating Segments
Segment Reporting Information [Line Items]
Fixed assets, net	1,686	1,941
Foreign \| Operating Segments
Segment Reporting Information [Line Items]
Fixed assets, net	$ 6,403	$ 6,557

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 14. Goodwill and Intangible Assets

The Company has identified its laboratory services business and its therapeutic development business as its two operating segments, and the Company determined that the operating segments represented the two reporting units. The newly acquired entity, ANP, is considered part of therapeutic development segment.

Therapeutic Development

The changes in the carrying amounts of goodwill for the therapeutic development segment in the nine months ended September 30, 2025 were as follows:


	(in thousands)
Balance at December 31, 2024	$	22,055
Goodwill acquired		3,025
Balance at September 30, 2025	$	25,080

The Company tests for goodwill impairment at the reporting unit level on December 31st of each year and more frequently if events or circumstances indicate a potential impairment. Based upon the results of the quantitative assessments the Company

performed as of December 31, 2024, the Company concluded that the fair values of the therapeutic development reporting unit and the IPR&D asset at December 31, 2024, were greater than the carrying values and that there was no impairment.

During the nine months ended September 30, 2025, there have been no significant changes except for the acquisition of ANP. The acquisition of ANP resulted in $3.0 million in goodwill and $3.9 million in IPR&D. The Company engaged a third-party valuation company for the valuation of the IPR&D on the acquisition date. There is no indication of a potential impairment for the Company's goodwill and IPR&D.

There can be no assurance that the estimates and assumptions management made for the purposes of the goodwill or IPR&D impairment analysis will prove to be accurate predictions of future performance. It is possible that the conclusions regarding impairment or recoverability of goodwill or intangible assets could change in future periods. Management will continue to monitor the therapeutic development reporting unit. For all IPR&D projects, there are major risks and uncertainties associated with the timely and successful completion of development and commercialization of these drug candidates, including the ability to confirm their efficacy based on data from clinical trials, the ability to obtain necessary regulatory approvals, and the ability to successfully complete these tasks within budgeted costs. The Company is not able to market a human therapeutic drug without obtaining regulatory approvals, and such approvals require completing clinical trials that demonstrate a drug candidate is safe and effective. In addition, the availability and extent of coverage and reimbursement from insurance payors, including government healthcare programs and private insurance plans, impact the revenues a product can generate. Consequently, the eventual realized value, if any, of these acquired IPR&D projects may vary from their estimated fair values.

Summaries of balances for the intangible assets by reporting segment as of September 30, 2025, and December 31, 2024, were as follows:


	Weighted-Average Amortization Period	September 30, 2025			December 31, 2024
		(in thousands)
Laboratory Services
Customer relationships	13 Years	$	83,115		$	83,088
Less: accumulated amortization			(23,985	)		(19,079	)
Customer relationships, net			59,130			64,009

Royalty-free technology	10 Years		5,197			5,069
Less: accumulated amortization			(2,296	)		(1,859	)
Royalty-free technology, net			2,901			3,210

Trade name	8 Years		3,790			3,790
Less: accumulated amortization			(1,772	)		(1,401	)
Trade name, net			2,018			2,389

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(1,550	)		(1,271	)
Laboratory information system platform, net			310			589

In-place lease intangible assets	5 Years		360			360
Less: accumulated amortization			(238	)		(186	)
In-place lease intangible assets, net			122			174

Purchased patent	10 Years		28			27
Less: accumulated amortization			(12	)		(10	)
Purchased patent, net			16			17
Total			64,497			70,388

Therapeutic Development
Customer relationships	18 Years		2,300			—
Less: accumulated amortization			(32	)		—
Customer relationships, net			2,268			—

In-process research & development	n/a		68,490			64,590
Total			70,758			64,590
Total intangible assets, net		$	135,255		$	134,978

During the three months ended September 30, 2025, the Company recorded $2.3 million of customer relationships and $3.9 million of IPR&D attributable to the acquisition of ANP. See more details in Note 15. Business Combinations.

Amortization of intangible assets was $2.0 million and $6.0 million in each of the three and nine months ended September 30, 2025, and 2024, respectively.

Based on the carrying value of intangible assets recorded as of September 30, 2025, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for intangible assets is expected to be as follows:


	Amounts
	(in thousands)
Year ending December 31,
2025 (remaining 3 months)	$	2,025
2026		7,797
2027		7,336
2028		7,301
2029		7,044
2030		6,916
Thereafter		28,346
Total	$	66,765

Summary of Significant Accounting Policies - Roll-Forward for Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Allowance for credit losses at beginning of year	$ 20,458
Current period provision	5,794	$ (3,210)
Write-downs	(4,795)
Recoveries of amounts previously charged off	71
Allowance for credit losses as of September 30, 2025	$ 21,528

Equity and Debt Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Equity and Debt Securities

Note 3. Equity and Debt Securities

The Company’s investment in equity and debt securities consisted of the following:


	September 30, 2025
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities
Long-term
Preferred stock of privately-held companies	$	15,001		$	—	$	—		$	15,001
Total equity securities		15,001			—		—			15,001
Available-for-sale debt securities
Short-term
U.S. government debt securities		120,652			376		(7	)		121,021
U.S. agency debt securities		107,518			104		(11	)		107,611
Corporate debt securities		28,056			95		(39	)		28,112
Municipal bonds		925			1		—			926
Yankee debt securities		500			—		(8	)		492
Money market accounts		89,492			—		—			89,492
Less: Cash equivalents		(89,492	)		—		—			(89,492	)
Total debt securities due within 1 year		257,651			576		(65	)		258,162
After 1 year through 5 years
U.S. government debt securities		305,215			2,955		(136	)		308,034
U.S. agency debt securities		76,595			168		(201	)		76,562
Corporate debt securities		26,001			169		—			26,170
Municipal bonds		1,015			1		(4	)		1,012
Total debt securities due after 1 year through 5 years		408,826			3,293		(341	)		411,778
Total available-for-sale debt securities		666,477			3,869		(406	)		669,940
Total equity and debt securities	$	681,478		$	3,869	$	(406	)	$	684,941


	December 31, 2024
	Amortized Cost Basis			Unrealized Gains			Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities
Long-term
Preferred stock of privately-held companies	$	24,927		$	—		$	—		$	24,927
Total equity securities		24,927			—			—			24,927
Available-for-sale debt securities
Short-term
U.S. government debt securities		75,054			136			(25	)		75,165
U.S. agency debt securities		65,490			72			(23	)		65,539
U.S. treasury bills		44,366			19			(2	)		44,383
Corporate debt securities		19,177			12			(50	)		19,139
Municipal bonds		3,719			1			(7	)		3,713
Money market accounts		19,720			—			—			19,720
Less: Cash equivalents		(24,696	)		(1	)		—			(24,697	)
Total debt securities due within 1 year		202,830			239			(107	)		202,962
After 1 year through 5 years
U.S. government debt securities		379,060			565			(2,283	)		377,342
U.S. agency debt securities		144,398			57			(1,507	)		142,948
Corporate debt securities		47,801			114			(150	)		47,765
Municipal bonds		1,820			2			(4	)		1,818
Yankee debt securities		501			—			(23	)		478
Total debt securities due after 1 year through 5 years		573,580			738			(3,967	)		570,351
Total available-for-sale debt securities		776,410			977			(4,074	)		773,313
Total equity and debt securities	$	801,337		$	977		$	(4,074	)	$	798,240

Gross unrealized losses on the Company’s equity and debt securities were $0.4 million and $4.1 million as of September 30, 2025, and December 31, 2024, respectively.

There was no sale of available-for-sale securities for each of the three and nine months ended September 30, 2025. Proceeds from sale of available-for-sale securities were $25.9 million and $101.5 million for the three and nine months ended September 30, 2024, respectively. Gross realized losses on the Company’s available-for-sale securities were $0.1 million and $1.0 million for the three and nine months ended September 30, 2024, respectively, and the gross realized income was insignificant for each of the three and nine months ended September 30, 2024. The cost of any marketable securities sold is based on the specific-identification method.

The Company did not recognize any credit losses for its marketable available-for-sale debt securities during the three and nine months ended September 30, 2025, and 2024.

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination [Line Items]

Summary of Unaudited Pro Forma Financial Information


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(in thousands)
Revenue	$	84,053		$	71,569		$	249,986		$	217,512
Net loss attributable to Fulgent	$	(6,504	)	$	(14,436	)	$	(31,604	)	$	(30,805	)

ANP Technologies, Inc.,

Business Combination [Line Items]

Summary of Consideration and Amount of Assets Acquired and Liabilities Assumed

The following tables summarize the consideration and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date:


	Amounts
	(in thousands)
Considerations
Cash paid	$	14,322
Cash held back		1,887
Settlement of pre-existing accounts payable		(290	)
Contingent consideration		5,731
Total considerations	$	21,650

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	18,097
Trade accounts receivable		7
Other current assets		97
ROU assets - operating		612
Other long-term assets		15
Identifiable intangible assets		6,200
Accounts payable		(75	)
Accrued liabilities		(591	)
Operating lease liabilities		(612	)
Income tax payable		(1,562	)
Other long-term liabilities		(3,563	)
Recognized amounts of identifiable assets acquired and liabilities assumed, net		18,625
Goodwill		3,025
Total	$	21,650

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
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+ Details

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expenses on fixed assets	$ 3.9	$ 3.8	$ 11.7	$ 12.4

Leases - Schedule of Maturity Analysis of Operating and Finance Lease Liabilities using Undiscounted Cash Flows on an Annual Basis (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Operating Leases
2025 (remaining 3 months)	$ 517
2026	1,525
2027	957
2028	482
2029	549
2030	559
Thereafter	1,489
Total lease payments	6,078
Less imputed interest	(969)
Total	5,109
Finance Lease
2025 (remaining 6 months)	92
2026	366
Total lease payments	458
Less imputed interest	(10)
Total	$ 448

Goodwill and Intangible Assets - Summaries of Goodwill and Acquisitions-Related Intangibles Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, net	$ 66,765
Total intangible assets, net	135,255	$ 135,255	$ 134,978
Laboratory Services
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, net	64,497		70,388
Laboratory Services \| Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	83,115		83,088
Less: accumulated amortization	(23,985)		(19,079)
Acquisitions-related intangibles, net	$ 59,130		64,009
Weighted-Average Amortization Period	13 years
Laboratory Services \| Royalty-Free Technology
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 5,197		5,069
Less: accumulated amortization	(2,296)		(1,859)
Acquisitions-related intangibles, net	$ 2,901		3,210
Weighted-Average Amortization Period	10 years
Laboratory Services \| Trade Name
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 3,790		3,790
Less: accumulated amortization	(1,772)		(1,401)
Acquisitions-related intangibles, net	$ 2,018		2,389
Weighted-Average Amortization Period	8 years
Laboratory Services \| Laboratory Information System Platform
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 1,860		1,860
Less: accumulated amortization	(1,550)		(1,271)
Acquisitions-related intangibles, net	$ 310		589
Weighted-Average Amortization Period	5 years
Laboratory Services \| In-Place Lease Intangible Assets
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 360		360
Less: accumulated amortization	(238)		(186)
Acquisitions-related intangibles, net	$ 122		174
Weighted-Average Amortization Period	5 years
Laboratory Services \| Purchased Patent
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 28		27
Less: accumulated amortization	(12)		(10)
Acquisitions-related intangibles, net	$ 16		17
Weighted-Average Amortization Period	10 years
Therapeutic Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, net		70,758	64,590
Weighted-Average Amortization Period	18 years
Therapeutic Development \| Customer Relationships
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, gross	$ 2,300
Less: accumulated amortization	(32)
Acquisitions-related intangibles, net	$ 2,268
Therapeutic Development \| In-Process Research & Development
Goodwill And Intangible Assets [Line Items]
Acquisitions-related intangibles, net		$ 68,490	$ 64,590

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Goodwill

The changes in the carrying amounts of goodwill for the therapeutic development segment in the nine months ended September 30, 2025 were as follows:


	(in thousands)
Balance at December 31, 2024	$	22,055
Goodwill acquired		3,025
Balance at September 30, 2025	$	25,080

Summaries of Goodwill and Acquisitions-Related Intangibles Balances

Summaries of balances for the intangible assets by reporting segment as of September 30, 2025, and December 31, 2024, were as follows:


	Weighted-Average Amortization Period	September 30, 2025			December 31, 2024
		(in thousands)
Laboratory Services
Customer relationships	13 Years	$	83,115		$	83,088
Less: accumulated amortization			(23,985	)		(19,079	)
Customer relationships, net			59,130			64,009

Royalty-free technology	10 Years		5,197			5,069
Less: accumulated amortization			(2,296	)		(1,859	)
Royalty-free technology, net			2,901			3,210

Trade name	8 Years		3,790			3,790
Less: accumulated amortization			(1,772	)		(1,401	)
Trade name, net			2,018			2,389

Laboratory information system platform	5 Years		1,860			1,860
Less: accumulated amortization			(1,550	)		(1,271	)
Laboratory information system platform, net			310			589

In-place lease intangible assets	5 Years		360			360
Less: accumulated amortization			(238	)		(186	)
In-place lease intangible assets, net			122			174

Purchased patent	10 Years		28			27
Less: accumulated amortization			(12	)		(10	)
Purchased patent, net			16			17
Total			64,497			70,388

Therapeutic Development
Customer relationships	18 Years		2,300			—
Less: accumulated amortization			(32	)		—
Customer relationships, net			2,268			—

In-process research & development	n/a		68,490			64,590
Total			70,758			64,590
Total intangible assets, net		$	135,255		$	134,978

Summary of Annual Amortization Expense For Acquisition-Related Intangibles


	Amounts
	(in thousands)
Year ending December 31,
2025 (remaining 3 months)	$	2,025
2026		7,797
2027		7,336
2028		7,301
2029		7,044
2030		6,916
Thereafter		28,346
Total	$	66,765

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Equity and Debt Securities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Schedule Of Available For Sale And Trading Securities [Line Items]
Gross unrealized loss	$ 400,000		$ 400,000		$ 4,100,000
Proceeds from sale of available-for-sale securities	$ 0	$ 25,900,000	$ 0	$ 101,500,000
Realized losses available-for-sale securities		$ 100,000		$ 1,000,000

Reportable Segment and Geographic Information - Schedule of Information Regarding Operations and Assets for Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 84,069	$ 71,743	$ 239,335	$ 207,256
Cost of revenue	48,557	44,972	141,042	131,890
Research and development	13,860	11,783	39,735	36,703
Selling and Marketing Expense	11,642	9,124	32,393	26,708
General and Administrative Expense	23,335	20,950	75,018	63,765
Operating loss	(15,350)	(17,079)	(54,858)	(57,783)
Less (add):
Equity-based compensation	9,717	10,920	30,306	34,073
Amortization of intangible assets	2,025	1,993	6,005	5,973
Interest income	(7,874)	(8,090)	(23,983)	(23,181)
Interest expense	28	14	59	(210)
Impairment loss		10,073	9,926	10,073
Other income, net	(5)	544	109	554
Loss before income taxes	(7,509)	(18,532)	(40,751)	(43,911)
Operating Segments
Segment Reporting Information [Line Items]
Revenue	84,069	71,743	239,335	207,256
Cost of revenue	46,860	43,032	135,828	125,942
Research and development	10,613	8,200	29,675	25,140
Selling and Marketing Expense	10,906	8,193	30,056	23,725
General and Administrative Expense	19,208	16,484	61,936	50,186
Operating loss	(3,518)	(4,166)	(18,160)	(17,737)
Material Reconciling Items
Less (add):
Equity-based compensation	9,717	10,920	30,306	34,073
Acquisition-related costs	90		387
Amortization of intangible assets	2,025	1,993	6,005	5,973
Interest income	(7,874)	(8,090)	(23,983)	(23,181)
Interest expense	28	14	59	(210)
Impairment loss	0	10,073	9,926	10,073
Other income, net	5	(544)	(109)	(554)
Laboratory Services
Segment Reporting Information [Line Items]
Revenue	83,931	71,743	239,197	207,256
Laboratory Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	83,931	71,743	239,197	207,256
Cost of revenue	46,860	43,032	135,828	125,942
Research and development	5,150	4,595	15,516	13,657
Selling and Marketing Expense	10,906	8,193	30,056	23,725
General and Administrative Expense	18,530	16,271	60,828	49,550
Operating loss	2,485	(348)	(3,031)	(5,618)
Laboratory Services \| Material Reconciling Items
Less (add):
Equity-based compensation	7,716	9,055	24,282	28,382
Interest income	(7,874)	(8,090)	(23,983)	(23,181)
Interest expense	28	14	59	(210)
Laboratory Services \| Precision Diagnostics \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	50,734	43,582	142,123	124,172
Laboratory Services \| Anatomic Pathology \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	25,983	24,228	79,405	70,766
Laboratory Services \| BioPharma Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	7,214	3,933	17,533	10,201
Laboratory Services \| COVID-19 [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	0	0	136	2,117
Therapeutic Development
Segment Reporting Information [Line Items]
Revenue	138	0	138	0
Therapeutic Development \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	138	0	138	0
Cost of revenue	0	0	0	0
Research and development	5,463	3,605	14,159	11,483
Selling and Marketing Expense	0	(0)	0	0
General and Administrative Expense	678	213	1,108	636
Operating loss	(6,003)	(3,818)	(15,129)	(12,119)
Therapeutic Development \| Material Reconciling Items
Less (add):
Equity-based compensation	2,001	1,865	6,024	5,691
Interest income	0	0	0	0
Interest expense	$ 0	$ 0	$ 0	$ 0

Debt, Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	36 Months Ended
	Sep. 30, 2025	Dec. 31, 2022	Dec. 31, 2024
Debt, Commitments and Contingencies [Line Items]
Notes payable, current portion	$ 476		$ 412
Notes payable, noncurrent portion	1,958		$ 2,493
HRSA Uninsured Program Member
Debt, Commitments and Contingencies [Line Items]
Contingencies reimbursements		$ 548,900
Installment Sale Contract
Debt, Commitments and Contingencies [Line Items]
Notes payable	2,400
Notes payable, current portion	$ 500
Debt instrument, interest rate terms	The notes payable related to the installment sale are due in February 2030, and carry an interest rate of 1.08%.
Debt instrument, interest rate	1.08%
Installment Sale Contract \| Other Long-Term Liabilities
Debt, Commitments and Contingencies [Line Items]
Notes payable, noncurrent portion	$ 2,000

Fixed Assets - Major Classes of Fixed Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 166,064	$ 157,260
Less: Accumulated depreciation	(54,199)	(51,711)
Fixed assets, net	111,865	105,549
Medical Lab Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 56,704	57,541
Medical Lab Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 months
Medical Lab Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	13 years
Building Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 29,629	27,924
Building Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	6 months
Building Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	39 years
Building
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 21,689	21,689
Building \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	25 years
Building \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	39 years
Computer Hardware
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 8,419	7,328
Computer Hardware \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Hardware \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Computer Software
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,289	7,214
Computer Software \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Computer Software \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	10 years
Aircraft
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 6,400	6,400
Useful life in years	7 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,324	3,323
Useful life in years	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 4,256	4,109
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	1 year
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	11 years
Land Improvements
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 938	904
Land Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	5 years
Land Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	15 years
Automobile
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 616	581
Automobile \| Minimum
Property Plant And Equipment [Line Items]
Useful life in years	3 years
Automobile \| Maximum
Property Plant And Equipment [Line Items]
Useful life in years	8 years
General Equipment
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 186	108
Useful life in years	5 years
Land
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 17,347	17,347
Assets Not Yet Placed in Service
Property Plant And Equipment [Line Items]
Fixed assets, gross	$ 9,267	$ 2,792

Equity-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

Note 10. Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Condensed Consolidated Statements of Operations as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Cost of revenue	$	1,697	$	1,940	$	5,214	$	5,948
Research and development		3,247		3,583		10,060		11,563
Selling and marketing		736		931		2,337		2,983
General and administrative		4,037		4,466		12,695		13,579
Total	$	9,717	$	10,920	$	30,306	$	34,073

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss from consolidated operations	$ (6,826)	$ (14,694)	$ (37,981)	$ (37,630)
Other comprehensive income:
Foreign currency translation income	114	718	456	274
Net gain on available-for-sale debt securities, net of tax	742	9,537	6,559	7,777
Net comprehensive loss from consolidated operations	(5,970)	(4,439)	(30,966)	(29,579)
Net loss attributable to noncontrolling interests	218	46	886	810
Foreign currency translation (gain) loss attributable to noncontrolling interest	(31)	(200)	176	(78)
Comprehensive loss (income) attributable to noncontrolling interest	187	(154)	1,062	732
Comprehensive loss attributable to Fulgent	$ (5,783)	$ (4,593)	$ (29,904)	$ (28,847)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the above three-tier fair value hierarchy:


	September 30, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents
U.S. government debt securities	$	429,055	$	—	$	429,055	$	—
U.S. agency debt securities		184,173		—		184,173		—
Money market accounts		89,492		89,492		—		—
Corporate debt securities		54,282		—		54,282		—
Preferred stock of privately-held companies		15,001		—		—		15,001
Municipal bonds		1,938		—		1,938		—
Yankee debt securities		492		—		492		—
Total equity securities, debt securities and cash equivalents	$	774,433	$	89,492	$	669,940	$	15,001


	December 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents
U.S. government debt securities	$	452,507	$	—	$	452,507	$	—
U.S. agency debt securities		208,487		—		208,487		—
Corporate debt securities		66,904		—		66,904		—
U.S. treasury bills		44,383		44,383		—		—
Preferred stock of privately-held companies		24,927		—		—		24,927
Money market accounts		19,720		19,720		—		—
Municipal bonds		5,531		—		5,531		—
Yankee debt securities		478		—		478		—
Total equity securities, debt securities and cash equivalents	$	822,937	$	64,103	$	733,907	$	24,927

Condensed Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2025

May 31, 2024

Contingently issuable shares in a business combination

^[1]

$ 5,731

Common stock shares issued upon expiration of hold back provisions

185,503

ANP Technologies, Inc.,

common stock issued in the acquisition

292,682

Contingently issuable shares in a business combination

$ 5,700

[1]

The Company agreed to issue up to 292,682 shares of the Company’s common stock in the acquisition of ANP Technologies, Inc., or ANP, upon achieving certain cash receipts. $5.7 million represented the fair value of the shares on the acquisition date. As of September 30, 2025, no common stock has been issued as the milestones have not been met. See details in Note 15. Business Combinations.

Debt, Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Debt Commitments And Contingencies Disclosure [Abstract]

Debt, Commitments and Contingencies

Note 8. Debt, Commitments, and Contingencies

Debt

Notes payable as of September 30, 2025, consisted of $2.4 million of notes payable related to an installment sale contract the Company entered in February 2022 for a building. The notes payable related to the installment sale are due in February 2030, and carry an interest rate of 1.08%. The current portion and noncurrent portion are $0.5 million and $2.0 million, respectively, and the noncurrent portion is included in other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The interest expense for the three and nine months ended September 30, 2025, and 2024, was not significant.

Operating and Finance Leases

See Note 9. Leases, for further information.

Contingencies

From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business.

As previously disclosed in the Company’s periodic reports filed pursuant to the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Company has received a Civil Investigative Demand, or CID, issued by the U.S. Department of Justice, or the DOJ, pursuant to the False Claims Act related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law. Among other things, this CID requests information and records relating to certain of the Company’s customers named in this CID.

Similar to other laboratories in the industry, the Company has been subject to an audit by the U.S. Health Resources and Services Administration, or HRSA, with respect to its reimbursement for COVID-19 tests furnished to patients believed to be uninsured. The Company recorded approximately $548.9 million of reimbursements from HRSA under the Uninsured Program during the years ended December 31, 2022, 2021, and 2020. There is uncertainty with respect to the methodology HRSA will use in its audit and whether and how HRSA will extrapolate audit results. The Company has provided HRSA’s auditors with requested information in connection with its audit in an effort to resolve any issues related to its audit, including any reimbursed amounts that may need to be returned to HRSA. The Company has also received a CID issued by the DOJ pursuant to the False Claims Act related to the DOJ’s investigation as to whether the Company submitted or caused to be submitted false claims to the Uninsured Program.

The Company is fully cooperating with the DOJ in connection with the CIDs that it has received. The Company cannot currently predict when these CIDs and HRSA audit matters will be resolved, the reasonable or likely outcome of these matters, or their potential impact, which may materially and adversely affect the Company’s business, prospects, and financial condition. These matters are not formal claims, and discussions and investigations remain ongoing. As such, the Company cannot reasonably estimate the loss or range of loss, if any, that may result from any material government investigations, audits, and reviews in which it is currently involved, given the inherent difficulty in predicting regulatory action, fines and penalties, if any, and the various remedies and levels of judicial review available to the Company in the event of an adverse finding. As a result, the Company has not recorded any liability related to these CIDs or audit matters.

Loss per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	101	228	101	228
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	2,368	2,177	2,368	2,177
Contingently Issuable Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted income per share	293		293

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Abstract]
Revenue	$ 84,053	$ 71,569	$ 249,986	$ 217,512
Net loss attributable to Fulgent	$ (6,504)	$ (14,436)	$ (31,604)	$ (30,805)

Loss per Share - Reconciliation of Basic and Diluted Loss Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss attributable to Fulgent	$ (6,608)	$ (14,648)	$ (37,095)	$ (36,820)
Weighted-average common shares—outstanding, basic	30,749	30,416	30,708	30,095
Weighted-average effect of dilutive securities:
Weighted-average common shares—outstanding, diluted	30,749	30,416	30,708	30,095
Loss per Share, basic	$ (0.21)	$ (0.48)	$ (1.21)	$ (1.22)
Loss per Share, diluted	$ (0.21)	$ (0.48)	$ (1.21)	$ (1.22)

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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+ Details

Reportable Segment and Geographic Information - Schedule of Interest Income and Expense by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Interest income	$ 7,874	$ 8,090	$ 23,983	$ 23,181
Interest expense	(28)	(14)	(59)	210
Material Reconciling Items
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Interest income	7,874	8,090	23,983	23,181
Interest expense	(28)	(14)	(59)	210
Interest income and expense	7,846	8,076	23,924	23,391
Laboratory Services \| Material Reconciling Items
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Interest income	7,874	8,090	23,983	23,181
Interest expense	(28)	(14)	(59)	210
Therapeutic Development \| Material Reconciling Items
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Interest income	0	0	0	0
Interest expense	$ 0	$ 0	$ 0	$ 0

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Oct. 09, 2025	Sep. 30, 2025
Subsequent Event [Line Items]
Investment tax credit		$ 33.8
Income tax credit under transferability provision of inflation reduction act		$ 31.7
Subsequent Event
Subsequent Event [Line Items]
Investment tax credit	$ 72.4
Income tax credit under transferability provision of inflation reduction act	$ 67.9

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,608)	$ (14,648)	$ (37,095)	$ (36,820)

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Leases - Schedule of Supplemental Information Related to Operating and Finance Leases (Details)	Sep. 30, 2025
Leases [Abstract]
Weighted average remaining lease term - operating leases	5 years 5 months 19 days
Weighted average discount rate - operating leases	5.67%
Weighted average remaining lease term - finance lease	1 year 3 months
Weighted average discount rate - finance lease	3.21%

Reportable Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Information Regarding Operations and Assets for Operating Segments

Information regarding the Company’s operations and assets for its reportable segments as well as geographic information are as follows, all dollars are in thousands:


	Laboratory Services		Therapeutic Development			Total
Three Months Ended September 30, 2025
Revenue	$	83,931	$	138		$	84,069
Less:
Adjusted cost of revenue		46,860		—			46,860
Adjusted research and development		5,150		5,463			10,613
Adjusted selling and marketing		10,906		—			10,906
Adjusted general and administrative		18,530		678			19,208
Total adjusted operating loss	$	2,485	$	(6,003	)	$	(3,518	)


	Laboratory Services			Therapeutic Development			Total
Nine Months Ended September 30, 2025
Revenue	$	239,197		$	138		$	239,335
Less:
Adjusted cost of revenue		135,828			—			135,828
Adjusted research and development		15,516			14,159			29,675
Adjusted selling and marketing		30,056			—			30,056
Adjusted general and administrative		60,828			1,108			61,936
Total adjusted operating loss	$	(3,031	)	$	(15,129	)	$	(18,160	)


	Laboratory Services			Therapeutic Development			Total
Three Months Ended September 30, 2024
Revenue	$	71,743		$	—		$	71,743
Less:
Adjusted cost of revenue		43,032			—			43,032
Adjusted research and development		4,595			3,605			8,200
Adjusted selling and marketing		8,193			—			8,193
Adjusted general and administrative		16,271			213			16,484
Total adjusted operating loss	$	(348	)	$	(3,818	)	$	(4,166	)


	Laboratory Services			Therapeutic Development			Total
Nine Months Ended September 30, 2024
Revenue	$	207,256		$	—		$	207,256
Less:
Adjusted cost of revenue		125,942			—			125,942
Adjusted research and development		13,657			11,483			25,140
Adjusted selling and marketing		23,725			—			23,725
Adjusted general and administrative		49,550			636			50,186
Total adjusted operating loss	$	(5,618	)	$	(12,119	)	$	(17,737	)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Reconciliation of “adjusted operating loss” to “loss before income taxes”
Adjusted operating loss	$	(3,518	)	$	(4,166	)	$	(18,160	)	$	(17,737	)
Less (add):
Equity-based compensation		9,717			10,920			30,306			34,073
Acquisition-related costs		90			—			387			—
Amortization of intangible assets		2,025			1,993			6,005			5,973
Interest income		(7,874	)		(8,090	)		(23,983	)		(23,181	)
Interest expense		28			14			59			(210	)
Impairment loss		—			10,073			9,926			10,073
Other income, net		5			(544	)		(109	)		(554	)
Total loss before income taxes	$	(7,509	)	$	(18,532	)	$	(40,751	)	$	(43,911	)

Significant items by segment excluded from the adjusted operating (loss) income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Equity-based compensation
Laboratory services	$	7,716	$	9,055	$	24,282	$	28,382
Therapeutic development		2,001		1,865		6,024		5,691
Total	$	9,717	$	10,920	$	30,306	$	34,073

Revenue by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Laboratory services:
Precision diagnostics	$	50,734	$	43,582	$	142,123	$	124,172
Anatomic pathology		25,983		24,228		79,405		70,766
BioPharma services		7,214		3,933		17,533		10,201
COVID-19		—		—		136		2,117
Total laboratory services		83,931		71,743		239,197		207,256
Therapeutic development:
Other revenue		138		—		138		—
Total therapeutic development		138		—		138		—
Total	$	84,069	$	71,743	$	239,335	$	207,256

Depreciation and amortization by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Laboratory services	$	5,928	$	5,751	$	17,572	$	18,219
Therapeutic development		110		169		439		517
Total	$	6,038	$	5,920	$	18,011	$	18,736

Interest income and expense by segment:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Laboratory services
Interest income	$	7,874		$	8,090		$	23,983		$	23,181
Interest expense		(28	)		(14	)		(59	)		210
Therapeutic development
Interest income		—			—			—			—
Interest expense		—			—			—			—
Total	$	7,846		$	8,076		$	23,924		$	23,391

Total assets by segment:


	September 30, 2025		December 31, 2024
Laboratory services	$	1,083,426	$	1,131,117
Therapeutic development		131,137		88,847
Total	$	1,214,563	$	1,219,964

Summary of Revenue by Geographic Distribution

Geographic distribution of revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	$	77,608	$	65,703	$	221,641	$	189,052
Foreign
China		3,128		2,785		8,146		9,366
Other countries		3,333		3,255		9,548		8,838
Total foreign		6,461		6,040		17,694		18,204
Total	$	84,069	$	71,743	$	239,335	$	207,256

Summary of Property, Plant and Equipment, Net by Geographic Distribution

Geographic distribution of property, plant and equipment, net:


	September 30, 2025		December 31, 2024
United States	$	105,462	$	98,992
Foreign
China		4,717		4,616
Other countries		1,686		1,941
Total foreign		6,403		6,557
Total	$	111,865	$	105,549

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 84,069	$ 71,743	$ 239,335	$ 207,256
Cost of revenue	48,557	44,972	141,042	131,890
Gross profit	35,512	26,771	98,293	75,366
Operating expenses:
Research and development	13,860	11,783	39,735	36,703
Selling and marketing	11,642	9,124	32,393	26,708
General and administrative	23,335	20,950	75,018	63,765
Amortization of intangible assets	2,025	1,993	6,005	5,973
Total operating expenses	50,862	43,850	153,151	133,149
Operating loss	(15,350)	(17,079)	(54,858)	(57,783)
Other income (expenses):
Interest income	7,874	8,090	23,983	23,181
Interest expense	(28)	(14)	(59)	210
Impairment loss		(10,073)	(9,926)	(10,073)
Other (expense) income, net	(5)	544	109	554
Total other income (expense), net	7,841	(1,453)	14,107	13,872
Loss before income taxes	(7,509)	(18,532)	(40,751)	(43,911)
Benefit from income taxes	(683)	(3,838)	(2,770)	(6,281)
Net loss from consolidated operations	(6,826)	(14,694)	(37,981)	(37,630)
Net loss attributable to noncontrolling interests	218	46	886	810
Net loss attributable to Fulgent	$ (6,608)	$ (14,648)	$ (37,095)	$ (36,820)
Net loss per common share attributable to Fulgent
Basic	$ (0.21)	$ (0.48)	$ (1.21)	$ (1.22)
Diluted	$ (0.21)	$ (0.48)	$ (1.21)	$ (1.22)
Weighted-average common shares:
Basic	30,749	30,416	30,708	30,095
Diluted	30,749	30,416	30,708	30,095

Related Party

9 Months Ended

Sep. 30, 2025

Related Party

Note 13. Related Party

Prior to April 25, 2025, Ming Hsieh, the Chief Executive Officer and Chairperson of the Board of Directors, was on the board of directors and an approximately 20% owner of ANP, with which the Company entered into certain drug-related licensing and development service agreements.

The Chief Executive Officer of Fulgent Pharma, Ray Yin, is the Founder, President and Chief Technology Officer of ANP. The Company incurred zero and $0.6 million related to the licensing and development services in the three and nine months ended September 30, 2025, prior to April 25, 2025, respectively, and $0.6 million and $1.6 million in the three and nine months ended September 30, 2024, respectively. As of April 25, 2025, and December 31, 2024, the Company owed $0.3 million and $0.2 million, respectively, to ANP in connection with these relationships. The Company also entered into an employee service agreement with ANP in April 2023 and recognized insignificant amounts in the three and nine months ended September 30, 2025, and 2024. Insignificant amounts were owed to the Company by ANP in connection with the employee service agreement as of April 25, 2025, and December 31, 2024. In July 2025, the Company completed an acquisition of 100% of the outstanding equity of ANP, which included the settlement of all outstanding liabilities and receivables. See more details in Note 15. Business Combinations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 03, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Trading Symbol	FLGT
Entity Registrant Name	FULGENT GENETICS, INC.
Entity Central Index Key	0001674930
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,912,392
Entity File Number	001-37894
Entity Tax Identification Number	81-2621304
Entity Address, Address Line One	4399 Santa Anita Avenue
Entity Address, City or Town	El Monte
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91731
City Area Code	626
Local Phone Number	350-0537
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

See Note 2. Summary of Significant Accounting Policies, to the Company’s Consolidated Financial Statements included in the 2024 Annual Report.

Use of Estimates

Trade Accounts Receivable and Allowance for Credit Losses

A roll-forward of the activity in the Company’s allowance for credit losses for the nine months ended September 30, 2025, dollars in thousands, is as follows:


Allowance for credit losses at beginning of year	$	20,458
Current period provision		5,794
Write-downs		(4,795	)
Recoveries of amounts previously charged off		71
Allowance for credit losses as of September 30, 2025	$	21,528

Business Combinations

Finite-Lived Intangible Assets

Goodwill and Indefinite-Lived Intangibles

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

Concentrations of Credit Risk, Customers, and Suppliers

Reportable Segment and Geographic Information

Foreign Currency Translation and Foreign Currency Transactions

Income Taxes

Comprehensive Loss

Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Revenue by payor
Institutional	$	48,947	$	39,822	$	135,890	$	112,376
Insurance		32,679		30,661		97,808		91,584
Patients		2,443		1,260		5,637		3,296
Total revenue	$	84,069	$	71,743	$	239,335	$	207,256

Contract Balances

Prior Period Reclassifications

Recent Accounting Pronouncements

The Company does not expect that any other recently issued accounting guidance will have a significant effect on its condensed consolidated financial statements.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ (683)	$ (3,838)	$ (2,770)	$ (6,281)
Effective income tax rate	9.00%	21.00%	7.00%	14.00%
Income tax refund	$ 100	$ 2,900	$ 1,800	$ 9,800
Investment tax credit			33,800
Income tax credit under transferability provision of inflation reduction act			31,700
Tax credit difference amount between purchase price and face value			2,100
Increase to income taxes receivable			$ 33,800

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Retirement Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Retirement Plans

Note 17. Retirement Plans

The Company offers a 401(k) retirement savings plan, or the 401(k) Plan, for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company will match up to 4% of an employee’s compensation that the employee contributes to their 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $1.0 million and $3.2 million for the three and nine months ended September 30, 2025, respectively, and $1.2 million and $3.1 million for the three and nine months ended September 30, 2024, respectively.

Business Combinations - Summary of Consideration and Amount of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 09, 2025	Sep. 30, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill		$ 25,080	$ 22,055
ANP Technologies, Inc.,
Business Combination [Line Items]
Cash paid	$ 14,322
Cash held back	1,887
Settlement of pre-existing accounts payable	(290)
Contingent consideration	5,731
Total considerations	21,650
Cash and cash equivalents	18,097
Trade accounts receivable	7
Other current assets	97
ROU assets - operating	612
Other long-term assets	15
Identifiable intangible assets	6,200
Accounts payable	(75)
Accrued liabilities	(591)
Operating lease liabilities	(612)
Income tax payable	(1,562)
Other long-term liabilities	(3,563)
Recognized amounts of identifiable assets acquired and liabilities assumed, net	18,625
Goodwill	3,025	$ 3,000
Total	$ 21,650

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:


Level 1:	Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.


Level 2:	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3:	Inputs are unobservable for the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the above three-tier fair value hierarchy:


	September 30, 2025
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents
U.S. government debt securities	$	429,055	$	—	$	429,055	$	—
U.S. agency debt securities		184,173		—		184,173		—
Money market accounts		89,492		89,492		—		—
Corporate debt securities		54,282		—		54,282		—
Preferred stock of privately-held companies		15,001		—		—		15,001
Municipal bonds		1,938		—		1,938		—
Yankee debt securities		492		—		492		—
Total equity securities, debt securities and cash equivalents	$	774,433	$	89,492	$	669,940	$	15,001


	December 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Equity securities, debt securities and cash equivalents
U.S. government debt securities	$	452,507	$	—	$	452,507	$	—
U.S. agency debt securities		208,487		—		208,487		—
Corporate debt securities		66,904		—		66,904		—
U.S. treasury bills		44,383		44,383		—		—
Preferred stock of privately-held companies		24,927		—		—		24,927
Money market accounts		19,720		19,720		—		—
Municipal bonds		5,531		—		5,531		—
Yankee debt securities		478		—		478		—
Total equity securities, debt securities and cash equivalents	$	822,937	$	64,103	$	733,907	$	24,927

The Company’s Level 1 assets include U.S. treasury bills and money market instruments and are valued based upon observable market prices. Level 2 assets consist of U.S. government and U.S. agency debt securities, municipal bonds, corporate debt securities and Yankee debt securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers.

As of September 30, 2025, and December 31, 2024, the Company held preferred stock of two privately-held companies, which were included in other long-term assets in the accompanying Condensed Consolidated Balance Sheets, that were measured using unobservable (Level 3) inputs. For the value of the investment in private equity securities, the Company elected to measure them at cost minus impairment, as the preferred stock of the privately-held companies did not have a readily determinable fair value.

During the nine months ended September 30, 2025, the Company performed a qualitative assessment to determine if any of its equity investments measured at cost minus impairment were impaired. Indicators considered included significant declines in the investee’s operating performance, adverse changes in industry conditions, and deterioration in the investee’s financial condition. As part of this review, the Company identified that Helio Genomics, Inc., or Helio Genomics, an investee in which the Company holds a non-marketable equity investment, exhibited several adverse conditions, including a deterioration in financial condition and the inability to secure sufficient financing to support future operations. Given these developments and their impact on Helio Genomics’ ability to continue funding its operations, management concluded that the Company’s investment in Helio Genomics was impaired. To estimate the fair value of the investment, the Company employed a discounted cash flow analysis, using assumptions including projected revenues and expenses, discount rates, and a terminal value multiple. The resulting estimated fair value was deemed insignificant.

The carrying amount of the investment was $9.9 million. Accordingly, the Company recognized an impairment loss of $9.9 million. The impairment is reflected in “Other Expenses” within the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2025. The carrying amount of the investment in Helio Genomics on the Condensed Consolidated Balance Sheet was reduced to its fair value of an insignificant amount, which now represents its new cost basis. In accordance with Accounting Standards Codification, or ASC, 321, “Investments - Equity Securities” no subsequent increases in the fair value will be recognized in net income for this investment.

The Company continues to monitor its investments for changes in facts and circumstances that may indicate further impairments or observable price changes in orderly transactions.

There was no impairment loss recorded as of September 30, 2025 for the other preferred stock investment.

There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2025, and 2024.