Exhibit 99.3
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands) | Years Ended December 31, | |||||||||||
2012 | 2011 | 2010 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (94,465 | ) | $ | (109,388 | ) | $ | (140,166 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||
Depreciation and amortization | 6,649 | 5,803 | 5,160 | |||||||||
Stock-based compensation | 9,705 | 12,384 | 9,690 | |||||||||
Other items | 287 | 226 | 459 | |||||||||
Changes in assets and liabilities | ||||||||||||
Accounts receivable | 1,735 | (4,216 | ) | (341 | ) | |||||||
Inventory | 4,761 | (11,409 | ) | (6,864 | ) | |||||||
Prepaid expenses and other assets | 1,058 | 1,874 | (1,336 | ) | ||||||||
Accounts payable | (1,754 | ) | (4,773 | ) | 3,637 | |||||||
Accrued expenses and other current liabilities | (2,054 | ) | 3,044 | 4,245 | ||||||||
Deferred revenue | (1,674 | ) | 2,631 | 3,221 | ||||||||
Lease incentives and other long-term liabilities | (1,070 | ) | 850 | 299 | ||||||||
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Net cash used in operating activities | (76,822 | ) | (102,974 | ) | (121,996 | ) | ||||||
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Cash flows from investing activities | ||||||||||||
Purchase of property and equipment | (1,703 | ) | (9,284 | ) | (5,259 | ) | ||||||
Purchase of investments | (87,889 | ) | (264,071 | ) | (180,964 | ) | ||||||
Sales of investments | 7,896 | 36,520 | — | |||||||||
Maturities of investments | 143,488 | 243,281 | 47,973 | |||||||||
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Net cash provided by (used in) investing activities | 61,792 | 6,446 | (138,250 | ) | ||||||||
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Cash flows from financing activities | ||||||||||||
Proceeds from issuance of Convertible Preferred Stock, net | — | — | 106,145 | |||||||||
Proceeds from issuance of Common Stock | 2,705 | 7,743 | 212,519 | |||||||||
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Net cash provided by financing activities | 2,705 | 7,743 | 318,664 | |||||||||
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Net (decrease) increase in cash and cash equivalents | (12,325 | ) | (88,785 | ) | 58,418 | |||||||
Cash and cash equivalents at beginning of period | 58,865 | 147,650 | 89,232 | |||||||||
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Cash and cash equivalents at end of period | $ | 46,540 | $ | 58,865 | $ | 147,650 | ||||||
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Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Assets acquired under facility lease | $ | — | $ | — | $ | 2,971 | ||||||
Additions to property and equipment under tenant improvement allowances | — | — | 1,910 | |||||||||
Inventory transferred to property and equipment for internal use | 1,164 | 2,756 | — | |||||||||
Conversion of convertible preferred stock to common stock upon IPO | — | — | 374,965 | |||||||||
Reclassification of preferred warrants to common stock warrants | — | — | 326 | |||||||||
Issuance of common stock related to convertible preferred stock offering | — | — | 281 | |||||||||
Vesting of stock options related to early exercises | — | 780 | 428 |