Virgin Galactic (SPCE) 10-Q8 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38202
Entity Registrant Name	Virgin Galactic Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3608069
Entity Address, Address Line One	1700 Flight Way
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92782
City Area Code	(949)
Local Phone Number	774-7640
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SPCE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		399,715,289
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Central Index Key	0001706946
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 231,030	$ 302,291
Restricted cash	38,031	40,336
Marketable securities, short-term	766,047	606,716
Inventories	17,062	24,043
Prepaid expenses and other current assets	24,051	28,228
Total current assets	1,076,221	1,001,614
Marketable securities, long-term	53,130	30,392
Property, plant and equipment, net	74,066	53,658
Other non-current assets	64,567	54,274
Total assets	1,267,984	1,139,938
Current liabilities:
Accounts payable	27,986	16,326
Accrued liabilities	49,888	61,848
Customer deposits	97,923	102,647
Other current liabilities	4,342	3,232
Total current liabilities	180,139	184,053
Non-current liabilities:
Convertible senior notes, net	417,338	415,720
Other long-term liabilities	71,148	59,942
Total liabilities	668,625	659,715
Commitments and contingencies (Note 13)
Stockholders' Equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 399,581,904 and 275,397,229 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	40	28
Additional paid-in capital	2,622,776	2,111,316
Accumulated deficit	(2,022,148)	(1,623,795)
Accumulated other comprehensive loss	(1,309)	(7,326)
Total stockholders' equity	599,359	480,223
Total liabilities and stockholders' equity	$ 1,267,984	$ 1,139,938

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	399,581,904	275,397,229
Common stock, shares outstanding (in shares)	399,581,904	275,397,229

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 1,728	$ 767	$ 3,991	$ 1,443
Operating expenses:
Spaceline operations	25,648	590	26,200	737
Research and development	44,848	97,411	241,292	211,578
Selling, general and administrative	42,218	46,113	144,020	127,820
Depreciation and amortization	3,286	2,214	9,723	7,981
Total operating expenses	116,000	146,328	421,235	348,116
Operating loss	(114,272)	(145,561)	(417,244)	(346,673)
Interest income	12,856	3,524	28,590	6,327
Interest expense	(3,221)	(3,293)	(9,648)	(8,924)
Other income (expense), net	86	(203)	164	7
Loss before income taxes	(104,551)	(145,533)	(398,138)	(349,263)
Income tax expense	53	21	215	69
Net loss	(104,604)	(145,554)	(398,353)	(349,332)
Other comprehensive income (loss):
Foreign currency translation adjustment	(60)	(181)	9	(314)
Unrealized income (loss) on marketable securities	1,022	(585)	6,008	(8,227)
Total comprehensive loss	$ (103,642)	$ (146,320)	$ (392,336)	$ (357,873)
Net loss per share:
Basic (in dollars per share)	$ (0.28)	$ (0.55)	$ (1.26)	$ (1.34)
Diluted (in dollars per share)	$ (0.28)	$ (0.55)	$ (1.26)	$ (1.34)
Weighted-average shares outstanding:
Basic (in shares)	375,853	263,907	316,198	260,255
Diluted (in shares)	375,853	263,907	316,198	260,255

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning balance (in shares) at Dec. 31, 2021		258,166,417
Beginning balance at Dec. 31, 2021	$ 894,264	$ 26	$ 2,019,750	$ (1,123,643)	$ (1,869)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(93,057)			(93,057)
Other comprehensive income (loss)	(5,805)				(5,805)
Stock-based compensation	10,895		10,895
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		307,471
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(1,882)		(1,882)
Purchase of capped call	(52,318)		(52,318)
Ending balance (in shares) at Mar. 31, 2022		258,473,888
Ending balance at Mar. 31, 2022	752,097	$ 26	1,976,445	(1,216,700)	(7,674)
Beginning balance (in shares) at Dec. 31, 2021		258,166,417
Beginning balance at Dec. 31, 2021	894,264	$ 26	2,019,750	(1,123,643)	(1,869)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(349,332)
Ending balance (in shares) at Sep. 30, 2022		274,481,195
Ending balance at Sep. 30, 2022	613,543	$ 27	2,096,901	(1,472,975)	(10,410)
Beginning balance (in shares) at Mar. 31, 2022		258,473,888
Beginning balance at Mar. 31, 2022	752,097	$ 26	1,976,445	(1,216,700)	(7,674)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(110,721)			(110,721)
Other comprehensive income (loss)	(1,970)				(1,970)
Stock-based compensation	12,083		12,083
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		216,758
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(914)		(914)
Ending balance (in shares) at Jun. 30, 2022		258,690,646
Ending balance at Jun. 30, 2022	650,575	$ 26	1,987,614	(1,327,421)	(9,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(145,554)		0	(145,554)
Other comprehensive income (loss)	(766)				(766)
Stock-based compensation	11,510		11,510
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		202,949
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(633)		(633)
Issuance of common stock pursuant to at-the-market offering (in shares)		15,587,600
Issuance of common stock pursuant to at-the-market offering	99,574	$ 1	99,573
Transaction costs	(1,163)		(1,163)
Ending balance (in shares) at Sep. 30, 2022		274,481,195
Ending balance at Sep. 30, 2022	$ 613,543	$ 27	2,096,901	(1,472,975)	(10,410)
Beginning balance (in shares) at Dec. 31, 2022	275,397,229	275,397,229
Beginning balance at Dec. 31, 2022	$ 480,223	$ 28	2,111,316	(1,623,795)	(7,326)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(159,385)			(159,385)
Other comprehensive income (loss)	3,136				3,136
Stock-based compensation	12,976		12,976
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		508,159
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(1,870)		(1,870)
Issuance of common stock pursuant to at-the-market offering (in shares)		5,759,499
Issuance of common stock pursuant to at-the-market offering	32,044		32,044
Transaction costs	(343)		(343)
Ending balance (in shares) at Mar. 31, 2023		281,664,887
Ending balance at Mar. 31, 2023	$ 366,781	$ 28	2,154,123	(1,783,180)	(4,190)
Beginning balance (in shares) at Dec. 31, 2022	275,397,229	275,397,229
Beginning balance at Dec. 31, 2022	$ 480,223	$ 28	2,111,316	(1,623,795)	(7,326)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (398,353)
Ending balance (in shares) at Sep. 30, 2023	399,581,904	399,581,904
Ending balance at Sep. 30, 2023	$ 599,359	$ 40	2,622,776	(2,022,148)	(1,309)
Beginning balance (in shares) at Mar. 31, 2023		281,664,887
Beginning balance at Mar. 31, 2023	366,781	$ 28	2,154,123	(1,783,180)	(4,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(134,364)			(134,364)
Other comprehensive income (loss)	1,919				1,919
Stock-based compensation	11,859		11,859
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		485,076
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(446)	$ 1	(447)
Issuance of common stock pursuant to at-the-market offering (in shares)		54,610,571
Issuance of common stock pursuant to at-the-market offering	241,393	$ 5	241,388
Transaction costs	(2,601)		(2,601)
Ending balance (in shares) at Jun. 30, 2023		336,760,534
Ending balance at Jun. 30, 2023	484,541	$ 34	2,404,322	(1,917,544)	(2,271)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(104,604)		0	(104,604)
Other comprehensive income (loss)	962				962
Stock-based compensation	10,763		10,763
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		385,122
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(684)	$ 0	(684)
Issuance of common stock pursuant to at-the-market offering (in shares)		62,436,248
Issuance of common stock pursuant to at-the-market offering	210,708	$ 6	210,702
Transaction costs	$ (2,327)		(2,327)
Ending balance (in shares) at Sep. 30, 2023	399,581,904	399,581,904
Ending balance at Sep. 30, 2023	$ 599,359	$ 40	$ 2,622,776	$ (2,022,148)	$ (1,309)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (398,353)	$ (349,332)
Stock-based compensation	35,598	34,488
Depreciation and amortization	9,723	7,981
Amortization of debt issuance costs	1,618	1,466
Other non-cash items	(6,500)	10,256
Change in operating assets and liabilities:
Inventories	3,996	6,817
Other current and non-current assets	10,297	2,253
Accounts payable and accrued liabilities	(2,941)	23,828
Customer deposits	(4,724)	13,108
Other current and long-term liabilities	(1,598)	136
Net cash used in operating activities	(352,884)	(248,999)
Cash flows from investing activities:
Capital expenditures	(25,941)	(12,306)
Purchases of marketable securities	(872,950)	(604,945)
Proceeds from maturities and calls of marketable securities	702,346	294,612
Net cash used in investing activities	(196,545)	(322,639)
Cash flows from financing activities:
Payments of finance lease obligations	(175)	(132)
Proceeds from convertible senior notes	0	425,000
Debt issuance costs	0	(11,278)
Purchase of capped call	0	(52,318)
Repayment of commercial loan	0	(310)
Proceeds from issuance of common stock	484,145	99,573
Proceeds from issuance of common stock pursuant to stock options exercised	0	49
Withholding taxes paid on behalf of employees on net settled stock-based awards	(3,001)	(3,479)
Transaction costs related to issuance of common stock	(5,106)	(1,137)
Net cash provided by financing activities	475,863	455,968
Net decrease in cash, cash equivalents and restricted cash	(73,566)	(115,670)
Cash, cash equivalents and restricted cash at beginning of period	342,627	550,030
Cash, cash equivalents and restricted cash at end of period	269,061	434,360
Cash and cash equivalents	231,030	394,032
Restricted cash	38,031	40,328
Cash, cash equivalents and restricted cash	$ 269,061	$ 434,360

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Virgin Galactic Holdings, Inc., together with its consolidated subsidiaries ("Virgin Galactic" or the "Company"), is focused on the development, manufacture and operation of spaceships and related technologies for the purpose of conducting commercial spaceflight and flying commercial research and development payloads into space. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. However, in management's opinion, the condensed consolidated financial statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented. The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprise the Company’s current spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the Company’s Future Astronaut Community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	9 Months Ended
Cash, Cash Equivalents and Marketable Securities	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company maintains certain cash balances restricted as to withdrawal or use. Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. The amortized cost, unrealized loss and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: September 30, 2023 Amortized Cost Gross Unrealized Loss Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 33,697 $ — $ 33,697 Money market 235,364 — 235,364 Marketable securities: U.S. treasuries 302,742 (21) 302,721 Corporate bonds 517,741 (1,285) 516,456 $ 1,089,544 $ (1,306) $ 1,088,238 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 51,651 $ — $ 51,651 Money market 249,249 — 249,249 Certificate of deposits 41,727 — 41,727 Marketable securities: U.S. treasuries 79,570 (53) 79,517 Corporate bonds 564,853 (7,262) 557,591 $ 987,050 $ (7,315) $ 979,735 Interest receivable of $4.5 million is included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities within interest income in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company recognized $6.0 million in accretion income, net and $1.5 million in amortization expense, net for its marketable securities for the three months ended September 30, 2023 and 2022, respectively. The Company recognized $8.5 million in accretion income, net and $5.5 million in amortization expense, net for its marketable securities for the nine months ended September 30, 2023 and 2022, respectively. The following table presents the contractual maturities of the Company's marketable securities as of September 30, 2023: September 30, 2023 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 767,170 $ 766,047 Matures in one to two years 53,313 53,130 $ 820,483 $ 819,177

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following: September 30, 2023 December 31, 2022 (In thousands) Raw materials $ 10,822 $ 15,033 Work-in-process 1,424 — Spare parts 4,816 9,010 $ 17,062 $ 24,043

Property, Plant, and Equipment

Property, Plant, and Equipment	9 Months Ended
Property, Plant, and Equipment	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following: September 30, 2023 December 31, 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Machinery and equipment 38,738 37,223 Information technology software and equipment 38,400 33,387 Flight equipment and rotables 3,825 195 Leasehold improvements 36,369 31,086 Construction in progress 18,367 4,339 146,093 116,649 Less: accumulated depreciation and amortization 72,027 62,991 $ 74,066 $ 53,658 The following table sets forth a summary of depreciation and amortization expense related to property, plant and equipment: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Spaceline operations $ 1,516 $ — $ 1,516 $ — Research and development 436 395 2,897 2,896 Selling, general and administrative 1,334 1,819 5,310 5,085 $ 3,286 $ 2,214 $ 9,723 $ 7,981

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	Leases The components of expense related to leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 3,382 $ 2,553 $ 8,992 $ 6,622 Variable lease cost 1,559 1,760 2,844 4,654 Short-term lease cost 127 — 139 — Finance lease cost: Amortization of assets under finance leases 68 42 199 100 Interest on finance lease liabilities 21 11 60 20 Total finance lease cost 89 53 259 120 Total lease cost $ 5,157 $ 4,366 $ 12,234 $ 11,396 The components of supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2023 2022 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 7,050 $ 7,980 Operating cash flows for finance leases $ 60 $ 20 Financing cash flows for finance leases $ 175 $ 132 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 13,814 $ 16,338 Finance leases $ 219 $ 230 Other Information: Weighted average remaining lease term: Operating leases (in years) 10.0 10.8 Finance leases (in years) 3.2 2.8 Weighted average discount rates: Operating leases 12.1 % 12.1 % Finance leases 12.9 % 11.3 % The supplemental balance sheet information related to leases is as follows: September 30, 2023 December 31, 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 59,570 $ 48,463 Short-term operating lease liabilities $ 4,139 $ 3,020 Long-term operating lease liabilities 69,592 56,645 Total operating lease liabilities $ 73,731 $ 59,665 Right-of-use assets are presented in other non-current assets and lease liabilities are presented in other current liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets.
Leases	Leases The components of expense related to leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 3,382 $ 2,553 $ 8,992 $ 6,622 Variable lease cost 1,559 1,760 2,844 4,654 Short-term lease cost 127 — 139 — Finance lease cost: Amortization of assets under finance leases 68 42 199 100 Interest on finance lease liabilities 21 11 60 20 Total finance lease cost 89 53 259 120 Total lease cost $ 5,157 $ 4,366 $ 12,234 $ 11,396 The components of supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2023 2022 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 7,050 $ 7,980 Operating cash flows for finance leases $ 60 $ 20 Financing cash flows for finance leases $ 175 $ 132 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 13,814 $ 16,338 Finance leases $ 219 $ 230 Other Information: Weighted average remaining lease term: Operating leases (in years) 10.0 10.8 Finance leases (in years) 3.2 2.8 Weighted average discount rates: Operating leases 12.1 % 12.1 % Finance leases 12.9 % 11.3 % The supplemental balance sheet information related to leases is as follows: September 30, 2023 December 31, 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 59,570 $ 48,463 Short-term operating lease liabilities $ 4,139 $ 3,020 Long-term operating lease liabilities 69,592 56,645 Total operating lease liabilities $ 73,731 $ 59,665 Right-of-use assets are presented in other non-current assets and lease liabilities are presented in other current liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
Accrued Liabilities	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities The components of accrued liabilities are as follows: September 30, 2023 December 31, 2022 (In thousands) Accrued compensation $ 29,418 $ 26,554 Accrued manufacturing sub-contractor and contract labor costs 6,059 19,398 Other accrued expenses 14,411 15,896 $ 49,888 $ 61,848

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
Convertible Senior Notes	Sep. 30, 2023
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes On January 19, 2022, the Company completed an offering of $425 million aggregate principal amount of convertible senior notes (the "2027 Notes"). The 2027 Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2022. The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted. The net carrying value of the 2027 Notes is as follows: September 30, 2023 December 31, 2022 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 7,662 9,280 Net carrying amount $ 417,338 $ 415,720 During each of the three months ended September 30, 2023 and 2022, the Company recognized $3.2 million of interest expense on the 2027 Notes, including $0.5 million of amortized debt issuance costs. During the nine months ended September 30, 2023 and 2022, the Company recognized $9.6 million and $8.9 million of interest expense on the 2027 Notes, respectively, including $1.6 million and $1.5 million of amortized debt issuance costs, respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome tax expense was $53,000 and $21,000 for the three months ended September 30, 2023 and 2022, respectively. Income tax expense was $215,000 and $69,000 for the nine months ended September 30, 2023 and 2022, respectively. The effective income tax rate was nil for three and nine months ended September 30, 2023 and 2022. The effective tax rate differs from the U.S. statutory rate primarily due to a full valuation allowance against net deferred tax assets where it is more likely than not that some or all of the deferred tax assets will not be realized.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity In August 2022, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (each, an "Agent" and collectively, the "Agents") providing for the offer and sale of up to $300 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at the market offering" program (the "2022 ATM Program"). The Company completed the 2022 ATM Program in June 2023, selling a total of 59.4 million shares of common stock and generating $300.0 million in gross proceeds since its inception, before deducting $3.0 million in underwriting discounts, commissions and other expenses. In June 2023, the Company entered into a distribution agency agreement with the Agents providing for the offer and sale of up to $400 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at the market offering" program (the "2023 ATM Program"). During the three months ended September 30, 2023, the Company sold 62.4 million shares of common stock under the 2023 ATM Program and generated $210.7 million in gross proceeds, before deducting $2.1 million in underwriting discounts, commissions and other expenses. During the nine months ended September 30, 2023, the Company sold 79.7 million shares of common stock under the 2023 ATM Program and generated $287.5 million in gross proceeds, before deducting $2.9 million in underwriting discounts, commissions and other expenses.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents net loss per share and related information: Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (In thousands, except per share amounts) Basic and diluted: Net loss $ (104,604) $ (145,554) $ (398,353) $ (349,332) Weighted average common shares outstanding 375,853 263,907 316,198 260,255 Basic and diluted net loss per share $ (0.28) $ (0.55) $ (1.26) $ (1.34) Basic and diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net loss per share excludes the effect of all potential common shares outstanding as their impact would have been anti-dilutive. The Company has excluded stock-based awards and shares issuable upon conversion of the 2027 Notes from the diluted loss per share calculation because their effect was anti-dilutive. The total number of shares excluded for the three and nine months ended September 30, 2023 were 45.0 million. The total number of shares excluded for the three and nine months ended September 30, 2022 were 42.2 million.

Stock-Based Plans and Compensat

Stock-Based Plans and Compensation	9 Months Ended
Stock-Based Plans and Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Plans and Compensation	Stock-Based Plans and Compensation Equity Incentive Plans The Company maintains two equity incentive plans -- the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "2019 Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan"). Pursuant to the 2019 Plan, the Company has the ability to grant incentive stock options and non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units ("RSUs") and other stock or cash-based awards to employees and other service providers of the Company and its subsidiaries and members of the Company’s board of directors. The 2019 Plan, as amended and restated, was adopted by the Company's board of directors and became effective in April 2023, subject to the approval of the Company’s stockholders, and was approved by the Company’s stockholders in June 2023. Prior to the amendment and restatement of the Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the “Original Plan”), the Company initially reserved 21,208,755 shares of common stock for issuance. The amendment and restatement of the Original Plan increased the number of shares available for issuance by 8,200,000 shares. Pursuant to the Inducement Plan, the Company has the ability to grant non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units and other stock or cash-based awards to any prospective employee in connection with their commencement of employment with the Company, who (i) is being hired by the Company or (ii) is being rehired following a bona fide period of interruption of employment by the Company, as an inducement material to their commencing employment. The Company's board of directors adopted the Inducement Plan in June 2023 and reserved 2,800,000 shares of common stock for the issuance of awards thereunder. Stock-Based Compensation Pursuant to both the 2019 Plan and the Inducement Plan, the Company has the ability to grant performance stock units ("PSUs") and performance stock options ("PSOs"). PSUs are RSUs that vest based on achievement of specified performance criteria. PSOs are stock options that vest based on achievement of specified performance criteria. A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Spaceline operations $ 282 $ — $ 282 $ — Research and development 318 596 1,343 2,020 Selling, general and administrative 1,181 2,113 4,200 6,022 Total stock option and PSO expense 1,781 2,709 5,825 8,042 RSU and PSU expense: Spaceline operations 1,545 — 1,545 — Research and development 1,579 2,756 6,587 8,400 Selling, general and administrative 5,858 6,045 21,641 18,046 Total RSU and PSU expense 8,982 8,801 29,773 26,446 Total stock-based compensation expense $ 10,763 $ 11,510 $ 35,598 $ 34,488

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company estimates fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels: • Level 1 inputs : Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date; • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,364 $ — $ — $ 235,364 U.S. treasuries 302,721 — — 302,721 Corporate bonds — 516,456 — 516,456 Total assets at fair value $ 538,085 $ 516,456 $ — $ 1,054,541 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 249,249 $ — $ — $ 249,249 Certificates of deposit 41,727 — — 41,727 U.S. treasuries 79,517 — — 79,517 Corporate bonds — 557,591 — 557,591 Total assets at fair value $ 370,493 $ 557,591 $ — $ 928,084 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 156,532 $ — $ 156,532 Total liabilities at fair value $ — $ 156,532 $ — $ 156,532 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 193,439 $ — $ 193,439 Total liabilities at fair value $ — $ 193,439 $ — $ 193,439

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company has certain non-cancelable operating leases primarily for its premises. These leases generally contain renewal options for periods ranging from 3 to 20 years and require the Company to pay all executory costs, such as maintenance and insurance. Certain lease arrangements have rent free periods or escalating payment provisions, and the Company recognizes rent expense for such arrangements on a straight line basis. Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of September 30, 2023 are as follows: Operating Leases Finance Leases (In thousands) 2023 (for the remaining period) $ 2,854 $ 78 2024 12,423 247 2025 12,771 218 2026 12,882 167 2027 12,601 52 Thereafter 77,395 20 Total payments 130,926 782 Less: present value discount/imputed interest 57,195 142 Present value of lease liabilities $ 73,731 $ 640 Legal Proceedings From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company applies accounting for contingencies to determine when and how much to accrue for and disclose related to legal and other contingencies. Accordingly, the Company discloses contingencies deemed to be reasonably possible and accrues loss contingencies when, in consultation with legal advisors, it is concluded that a loss is probable and reasonably estimable. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, beyond that provided at September 30, 2023, would not be material to the Company’s consolidated financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected. Lavin v. the Company On May 28, 2021, a class action complaint was filed against the Company in the Eastern District of New York captioned Lavin v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In September 2021, the Court appointed Robert Scheele and Mark Kusnier as co-lead plaintiffs for the purported class. Co-lead plaintiffs amended the complaint in December 2021, asserting violations of Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934 against the Company and certain of its current and former officers and directors on behalf of a putative class of investors who purchased the Company's common stock between July 10, 2019 and October 14, 2021. The amended complaint alleges, among other things, that the Company and certain of its current and former officers and directors made false and misleading statements and failed to disclose certain information regarding the safety of the Company's ships and success of its commercial flight program. Co-lead plaintiffs seek damages, interest, costs, expenses, attorneys' fees and other unspecified equitable relief. The defendants moved to dismiss the amended complaint and, on November 7, 2022, the court granted in part and denied in part the defendants’ motion and gave the plaintiffs leave to file a further amended complaint. Plaintiffs’ filed a second amended complaint on December 12, 2022. The second amended complaint contains many of the same allegations as in the first amended complaint. The defendants moved to dismiss the second amended complaint on February 24, 2023 and on August 8, 2023, the court granted in part and denied in part the defendants’ motion. On August 22, 2023, the plaintiffs filed a motion asking the court to reconsider its August 8, 2023 order and to certify an interlocutory appeal, or in the alternative to enter a final judgment. The motion was fully briefed as of October 10, 2023. The Company intends to continue to vigorously defend against this matter. Spiteri, Grenier, Laidlaw, St. Jean, and D. Abughazaleh derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 21, 2022, March 1, 2022, September 21, 2022, and December 13, 2022, four alleged shareholders filed separate derivative complaints purportedly on behalf of the Company against certain of its current and former officers and directors in the Eastern District of New York captioned Spiteri v. Branson et al., Case No. 1:22-cv-00933, Grenier v. Branson et al., Case No. 1:22-cv-01100, Laidlaw v. Branson et al., Case No. 1:22-cv-05634, and St. Jean v. Branson et al., Case No. 1:22-cv-7551, respectively. On February 13, 2023, an alleged shareholder filed a derivative complaint purportedly on behalf of the Company against certain of its current and former officers and directors in the District of Delaware captioned Abughazaleh v. Branson et al., Case No. 23-cv-00156. Collectively, the complaints assert violations of Sections 10(b), 14(a), and 21D of the Securities Exchange Act of 1934 and claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaints seek an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The cases are at a preliminary stage.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended September 30, 2023 2022 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 533 $ 34 Interest 10,625 5,667 Supplemental disclosure of non-cash investing and financing activities: Unpaid property, plant and equipment $ 2,512 $ 1,356 Transfer of inventory to rotables in property, plant and equipment 2,681 — Issuance of common stock through RSUs vested 8,740 9,557

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 7, 2023, the Company announced a workforce reduction of approximately 185 employees, constituting approximately 18% of the Company’s workforce. The Company is taking this action to decrease its costs and strategically realign its resources. The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $5 million, primarily related to employee severance payments, benefits and related termination costs. The Company expects to recognize the majority of these charges in the fourth quarter of 2023 and that the reduction in force will be substantially complete during the first quarter of 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (104,604)	$ (134,364)	$ (159,385)	$ (145,554)	$ (110,721)	$ (93,057)	$ (398,353)	$ (349,332)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
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

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Statement of Operations Presentation	Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprise the Company’s current spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the Company’s Future Astronaut Community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense.

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	9 Months Ended
Cash, Cash Equivalents and Marketable Securities (Tables)	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Marketable Securities	The amortized cost, unrealized loss and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: September 30, 2023 Amortized Cost Gross Unrealized Loss Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 33,697 $ — $ 33,697 Money market 235,364 — 235,364 Marketable securities: U.S. treasuries 302,742 (21) 302,721 Corporate bonds 517,741 (1,285) 516,456 $ 1,089,544 $ (1,306) $ 1,088,238 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 51,651 $ — $ 51,651 Money market 249,249 — 249,249 Certificate of deposits 41,727 — 41,727 Marketable securities: U.S. treasuries 79,570 (53) 79,517 Corporate bonds 564,853 (7,262) 557,591 $ 987,050 $ (7,315) $ 979,735
Schedule of Marketable Securities	The following table presents the contractual maturities of the Company's marketable securities as of September 30, 2023: September 30, 2023 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 767,170 $ 766,047 Matures in one to two years 53,313 53,130 $ 820,483 $ 819,177

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories are comprised of the following: September 30, 2023 December 31, 2022 (In thousands) Raw materials $ 10,822 $ 15,033 Work-in-process 1,424 — Spare parts 4,816 9,010 $ 17,062 $ 24,043

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	9 Months Ended
Property, Plant, and Equipment (Tables)	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	September 30, 2023 December 31, 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Machinery and equipment 38,738 37,223 Information technology software and equipment 38,400 33,387 Flight equipment and rotables 3,825 195 Leasehold improvements 36,369 31,086 Construction in progress 18,367 4,339 146,093 116,649 Less: accumulated depreciation and amortization 72,027 62,991 $ 74,066 $ 53,658 The following table sets forth a summary of depreciation and amortization expense related to property, plant and equipment: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Spaceline operations $ 1,516 $ — $ 1,516 $ — Research and development 436 395 2,897 2,896 Selling, general and administrative 1,334 1,819 5,310 5,085 $ 3,286 $ 2,214 $ 9,723 $ 7,981

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Expense and Cash Flow Information	The components of expense related to leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 3,382 $ 2,553 $ 8,992 $ 6,622 Variable lease cost 1,559 1,760 2,844 4,654 Short-term lease cost 127 — 139 — Finance lease cost: Amortization of assets under finance leases 68 42 199 100 Interest on finance lease liabilities 21 11 60 20 Total finance lease cost 89 53 259 120 Total lease cost $ 5,157 $ 4,366 $ 12,234 $ 11,396 The components of supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2023 2022 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 7,050 $ 7,980 Operating cash flows for finance leases $ 60 $ 20 Financing cash flows for finance leases $ 175 $ 132 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 13,814 $ 16,338 Finance leases $ 219 $ 230 Other Information: Weighted average remaining lease term: Operating leases (in years) 10.0 10.8 Finance leases (in years) 3.2 2.8 Weighted average discount rates: Operating leases 12.1 % 12.1 % Finance leases 12.9 % 11.3 %
Schedule of Balance Sheet Information	The supplemental balance sheet information related to leases is as follows: September 30, 2023 December 31, 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 59,570 $ 48,463 Short-term operating lease liabilities $ 4,139 $ 3,020 Long-term operating lease liabilities 69,592 56,645 Total operating lease liabilities $ 73,731 $ 59,665

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The components of accrued liabilities are as follows: September 30, 2023 December 31, 2022 (In thousands) Accrued compensation $ 29,418 $ 26,554 Accrued manufacturing sub-contractor and contract labor costs 6,059 19,398 Other accrued expenses 14,411 15,896 $ 49,888 $ 61,848

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	9 Months Ended
Convertible Senior Notes (Tables)	Sep. 30, 2023
Convertible Debt [Abstract]
Schedule of Convertible Debt	The net carrying value of the 2027 Notes is as follows: September 30, 2023 December 31, 2022 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 7,662 9,280 Net carrying amount $ 417,338 $ 415,720

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	The following table presents net loss per share and related information: Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (In thousands, except per share amounts) Basic and diluted: Net loss $ (104,604) $ (145,554) $ (398,353) $ (349,332) Weighted average common shares outstanding 375,853 263,907 316,198 260,255 Basic and diluted net loss per share $ (0.28) $ (0.55) $ (1.26) $ (1.34)

Stock-Based Plans and Compens_2

Stock-Based Plans and Compensation (Tables)	9 Months Ended
Stock-Based Plans and Compensation (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Activity	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Spaceline operations $ 282 $ — $ 282 $ — Research and development 318 596 1,343 2,020 Selling, general and administrative 1,181 2,113 4,200 6,022 Total stock option and PSO expense 1,781 2,709 5,825 8,042 RSU and PSU expense: Spaceline operations 1,545 — 1,545 — Research and development 1,579 2,756 6,587 8,400 Selling, general and administrative 5,858 6,045 21,641 18,046 Total RSU and PSU expense 8,982 8,801 29,773 26,446 Total stock-based compensation expense $ 10,763 $ 11,510 $ 35,598 $ 34,488
Schedule of Performance Stock Unit Activity	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Spaceline operations $ 282 $ — $ 282 $ — Research and development 318 596 1,343 2,020 Selling, general and administrative 1,181 2,113 4,200 6,022 Total stock option and PSO expense 1,781 2,709 5,825 8,042 RSU and PSU expense: Spaceline operations 1,545 — 1,545 — Research and development 1,579 2,756 6,587 8,400 Selling, general and administrative 5,858 6,045 21,641 18,046 Total RSU and PSU expense 8,982 8,801 29,773 26,446 Total stock-based compensation expense $ 10,763 $ 11,510 $ 35,598 $ 34,488
Summary of Stock Option and RSU Expense	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Spaceline operations $ 282 $ — $ 282 $ — Research and development 318 596 1,343 2,020 Selling, general and administrative 1,181 2,113 4,200 6,022 Total stock option and PSO expense 1,781 2,709 5,825 8,042 RSU and PSU expense: Spaceline operations 1,545 — 1,545 — Research and development 1,579 2,756 6,587 8,400 Selling, general and administrative 5,858 6,045 21,641 18,046 Total RSU and PSU expense 8,982 8,801 29,773 26,446 Total stock-based compensation expense $ 10,763 $ 11,510 $ 35,598 $ 34,488

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets Measured on Recurring Basis	The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,364 $ — $ — $ 235,364 U.S. treasuries 302,721 — — 302,721 Corporate bonds — 516,456 — 516,456 Total assets at fair value $ 538,085 $ 516,456 $ — $ 1,054,541 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 249,249 $ — $ — $ 249,249 Certificates of deposit 41,727 — — 41,727 U.S. treasuries 79,517 — — 79,517 Corporate bonds — 557,591 — 557,591 Total assets at fair value $ 370,493 $ 557,591 $ — $ 928,084 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 156,532 $ — $ 156,532 Total liabilities at fair value $ — $ 156,532 $ — $ 156,532 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 193,439 $ — $ 193,439 Total liabilities at fair value $ — $ 193,439 $ — $ 193,439

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of September 30, 2023 are as follows: Operating Leases Finance Leases (In thousands) 2023 (for the remaining period) $ 2,854 $ 78 2024 12,423 247 2025 12,771 218 2026 12,882 167 2027 12,601 52 Thereafter 77,395 20 Total payments 130,926 782 Less: present value discount/imputed interest 57,195 142 Present value of lease liabilities $ 73,731 $ 640
Schedule of Finance Lease Maturities	Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of September 30, 2023 are as follows: Operating Leases Finance Leases (In thousands) 2023 (for the remaining period) $ 2,854 $ 78 2024 12,423 247 2025 12,771 218 2026 12,882 167 2027 12,601 52 Thereafter 77,395 20 Total payments 130,926 782 Less: present value discount/imputed interest 57,195 142 Present value of lease liabilities $ 73,731 $ 640

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Nine Months Ended September 30, 2023 2022 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 533 $ 34 Interest 10,625 5,667 Supplemental disclosure of non-cash investing and financing activities: Unpaid property, plant and equipment $ 2,512 $ 1,356 Transfer of inventory to rotables in property, plant and equipment 2,681 — Issuance of common stock through RSUs vested 8,740 9,557

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	$ 269,061	$ 342,627	$ 434,360	$ 550,030
Marketable securities, Amortized Cost	820,483
Cash, cash equivalents and marketable securities, Amortized Cost	1,089,544	987,050
Cash, cash equivalents and marketable securities, Gross Unrealized Loss	(1,306)	(7,315)
Marketable securities, Fair Value	819,177
Total assets at fair value	1,088,238	979,735
U.S. treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, Amortized Cost	302,742	79,570
Cash, cash equivalents and marketable securities, Gross Unrealized Loss	(21)	(53)
Marketable securities, Fair Value	302,721	79,517
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, Amortized Cost	517,741	564,853
Cash, cash equivalents and marketable securities, Gross Unrealized Loss	(1,285)	(7,262)
Marketable securities, Fair Value	516,456	557,591
Cash and restricted cash
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	33,697	51,651
Cash and cash equivalents, Fair Value	33,697	51,651
Money market
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	235,364	249,249
Cash and cash equivalents, Fair Value	$ 235,364	249,249
Certificates of deposit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost		41,727
Cash and cash equivalents, Fair Value		$ 41,727

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Interest receivable	$ 4.5		$ 4.5		$ 4.5
Accretion income on marketable securities	$ 6		$ 8.5
Amortization expense for marketable securities		$ 1.5		$ 5.5

Cash, Cash Equivalents and Ma_5

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract]
Maturity within one year, amortize cost	$ 767,170
Matures in one to two years, amortize cost	53,313
Marketable securities, Amortized Cost	820,483
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Maturity within one year, fair value	766,047
Matures in one to two years, fair value	53,130
Debt securities, available-for-sale	$ 819,177

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 10,822	$ 15,033
Work-in-process	1,424	0
Spare parts	4,816	9,010
Inventories	$ 17,062	$ 24,043

Property, Plant, and Equipmen_2

Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 146,093	$ 116,649
Less: accumulated depreciation and amortization	72,027	62,991
Property, plant and equipment, net	74,066	53,658
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,302	1,302
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	9,092	9,117
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	38,738	37,223
Information technology software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	38,400	33,387
Flight equipment and rotables
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	3,825	195
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	36,369	31,086
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 18,367	$ 4,339

Property, Plant, and Equipmen_3

Property, Plant, and Equipment - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,286	$ 2,214	$ 9,723	$ 7,981
Spaceline operations
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,516	0	1,516	0
Research and development
Property, Plant and Equipment [Line Items]
Depreciation and amortization	436	395	2,897	2,896
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 1,334	$ 1,819	$ 5,310	$ 5,085

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 3,382	$ 2,553	$ 8,992	$ 6,622
Variable lease cost	1,559	1,760	2,844	4,654
Short-term lease cost	127	0	139	0
Finance lease cost:
Amortization of assets under finance leases	68	42	199	100
Interest on finance lease liabilities	21	11	60	20
Total finance lease cost	89	53	259	120
Total lease cost	$ 5,157	$ 4,366	$ 12,234	$ 11,396

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flow Information:
Operating cash flows for operating leases	$ 7,050	$ 7,980
Operating cash flows for finance leases	60	20
Financing cash flows for finance leases	175	132
Assets acquired in exchange for lease obligations:
Operating leases	13,814	16,338
Finance leases	$ 219	$ 230
Weighted average remaining lease term:
Operating leases (in years)	10 years	10 years 9 months 18 days
Finance leases (in years)	3 years 2 months 12 days	2 years 9 months 18 days
Weighted average discount rates:
Operating leases	12.10%	12.10%
Finance leases	12.90%	11.30%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Long-term right-of-use assets	$ 59,570	$ 48,463
Short-term operating lease liabilities	4,139	3,020
Long-term operating lease liabilities	69,592	56,645
Total operating lease liabilities	$ 73,731	$ 59,665

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 29,418	$ 26,554
Accrued manufacturing sub-contractor and contract labor costs	6,059	19,398
Other accrued expenses	14,411	15,896
Accrued liabilities, current, total	$ 49,888	$ 61,848

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Convertible Senior Notes - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 19, 2022
Line of Credit Facility [Line Items]
Interest expense	$ 3,221,000	$ 3,293,000	$ 9,648,000	$ 8,924,000
Amortization of debt issuance costs			1,618,000	1,466,000
2027 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 425,000,000
Interest rate					2.50%
Interest expense	3,200,000	3,200,000	9,600,000	8,900,000
Amortization of debt issuance costs	$ 500,000	$ 500,000	$ 1,600,000	$ 1,500,000

Convertible Senior Notes - Sche

Convertible Senior Notes - Schedule of Convertible Debt (Details) - 2027 Notes - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 425,000	$ 425,000
Less: unamortized debt issuance costs	7,662	9,280
Net carrying amount	$ 417,338	$ 415,720

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 53	$ 21	$ 215	$ 69
Effective income tax rate	0%	0%	0%	0%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended	9 Months Ended		11 Months Ended
	Jun. 30, 2023	Aug. 31, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Class of Warrant or Right [Line Items]
Stock issuance costs				$ 5,106	$ 1,137
2022 ATM program
Class of Warrant or Right [Line Items]
Stock sold, aggregate consideration		$ 300,000
Stock sold (in shares)						59.4
Proceeds from sale of common stock						$ 300,000
Stock issuance costs						$ 3,000
2023 ATM program
Class of Warrant or Right [Line Items]
Stock sold, aggregate consideration	$ 400,000
Stock sold (in shares)			62.4	79.7
Proceeds from sale of common stock			$ 210,700	$ 287,500
Stock issuance costs			$ 2,100	$ 2,900

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic and diluted:
Net loss, basic	$ (104,604)	$ (145,554)	$ (398,353)	$ (349,332)
Net loss, diluted	$ (104,604)	$ (145,554)	$ (398,353)	$ (349,332)
Weighted average common shares outstanding - basic (in shares)	375,853	263,907	316,198	260,255
Weighted average common share outstanding - diluted (in shares)	375,853	263,907	316,198	260,255
Basic net loss per share (in dollars per share)	$ (0.28)	$ (0.55)	$ (1.26)	$ (1.34)
Diluted net loss per share (in dollars per share)	$ (0.28)	$ (0.55)	$ (1.26)	$ (1.34)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	45	42.2	45	42.2

Stock-Based Plans and Compens_3

Stock-Based Plans and Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) plan shares	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plan \| plan	2
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $	$ 4.4
Unrecognized compensation cost, period for recognition	10 months 24 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition	1 year 1 month 6 days
Unrecognized stock-based compensation expense, excluding options \| $	$ 49.8
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, excluding options \| $	$ 6.7
Stock Plan, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance (in shares) \| shares	21,208,755
Increase in number of shares reserved for future issuance (in shares) \| shares	8,200,000
2023 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance (in shares) \| shares		2,800,000

Stock-Based Plans and Compens_4

Stock-Based Plans and Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,763	$ 11,510	$ 35,598	$ 34,488
Stock option and PSO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,781	2,709	5,825	8,042
Stock option and PSO \| Spaceline operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	282	0	282	0
Stock option and PSO \| Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	318	596	1,343	2,020
Stock option and PSO \| Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,181	2,113	4,200	6,022
RSU and PSU
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,982	8,801	29,773	26,446
RSU and PSU \| Spaceline operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,545	0	1,545	0
RSU and PSU \| Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,579	2,756	6,587	8,400
RSU and PSU \| Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,858	$ 6,045	$ 21,641	$ 18,046

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	$ 819,177
Total assets at fair value	1,088,238	$ 979,735
U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	302,721	79,517
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	516,456	557,591
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	1,054,541	928,084
Total liabilities at fair value	156,532	193,439
Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	156,532	193,439
Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	302,721	79,517
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	516,456	557,591
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	538,085	370,493
Total liabilities at fair value	0	0
Level 1 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	0	0
Level 1 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	302,721	79,517
Level 1 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	516,456	557,591
Total liabilities at fair value	156,532	193,439
Level 2 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	156,532	193,439
Level 2 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 2 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	516,456	557,591
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Total liabilities at fair value	0	0
Level 3 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 3 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	235,364	249,249
Money market \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	235,364	249,249
Money market \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	235,364	249,249
Money market \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Money market \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		41,727
Certificates of deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		41,727
Certificates of deposit \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		41,727
Certificates of deposit \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		0
Certificates of deposit \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - shareholder	Sep. 30, 2023	Dec. 13, 2022
Operating Leased Assets [Line Items]
Number of shareholders		4
Minimum
Operating Leased Assets [Line Items]
Operating lease, renewal term (in years)	3 years
Maximum
Operating Leased Assets [Line Items]
Operating lease, renewal term (in years)	20 years

Commitments and Contingencies_2

Commitments and Contingencies - Lease Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 2,854
2024	12,423
2025	12,771
2026	12,882
2027	12,601
Lessee, Operating Lease, Liability, To Be Paid, After Year Four	77,395
Total payments	130,926
Less: present value discount/imputed interest	57,195
Operating Lease, Liability	73,731
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Finance Lease, Liability, to be Paid, Remainder of Fiscal Year	78
2024	247
2025	218
2026	167
2027	52
Finance Lease, Liability, To Be Paid, After Year Four	20
Total payments	782
Less: present value discount/imputed interest	142
Finance Lease, Liability	$ 640

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash payments for:
Income taxes	$ 533	$ 34
Interest	10,625	5,667
Supplemental disclosure of non-cash investing and financing activities:
Unpaid property, plant and equipment	2,512	1,356
Transfer of inventory to rotables in property, plant and equipment	2,681	0
Issuance of common stock through RSUs vested	$ 8,740	$ 9,557

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	Nov. 07, 2023 USD ($) employee
Subsequent Event [Line Items]
Workforce reduction (number of employees) \| employee	185
Workforce reduction (percent of workforce)	18%
Estimated charges associated with workforce reduction \| $	$ 5