Exhibit 99.3
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three-Month Periods Ended March 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (21,104 | ) | $ | (27,580 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation | 1,493 | 1,629 | ||||||
Stock-based compensation | 2,746 | 2,187 | ||||||
Other items | 121 | 53 | ||||||
Changes in assets and liabilities | ||||||||
Accounts receivable | 813 | 3,052 | ||||||
Inventory | (607 | ) | 3,094 | |||||
Prepaid expenses and other assets | 431 | 245 | ||||||
Accounts payable | 22 | (492 | ) | |||||
Accrued expenses and other current liabilities | (779 | ) | 1,220 | |||||
Deferred revenue | (423 | ) | (489 | ) | ||||
Lease incentives and other long-term liabilities | (288 | ) | (257 | ) | ||||
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Net cash used in operating activities | (17,575 | ) | (17,338 | ) | ||||
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Cash flows from investing activities | ||||||||
Purchase of property and equipment | (297 | ) | (274 | ) | ||||
Purchase of investments | (42,466 | ) | (20,137 | ) | ||||
Sales of investments | — | 3,500 | ||||||
Maturities of investments | 37,180 | 29,889 | ||||||
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Net cash provided by (used in) investing activities | (5,583 | ) | 12,978 | |||||
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Cash flows from financing activities | ||||||||
Proceeds from issuance of common stock, net of underwriting fees | 10,136 | 1,755 | ||||||
Proceeds from issuance of debt facility, net of underwriting fees | 20,000 | — | ||||||
Debt facility issuance costs | (234 | ) | — | |||||
Common stock issuance costs | (246 | ) | — | |||||
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Net cash provided by financing activities | 29,656 | 1,755 | ||||||
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Net increase (decrease) in cash and cash equivalents | 6,498 | (2,605 | ) | |||||
Cash and cash equivalents at beginning of period | 46,540 | 58,865 | ||||||
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Cash and cash equivalents at end of period | $ | 53,038 | $ | 56,260 | ||||
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Supplemental disclosure of non-cash investing and financing activities | ||||||||
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Inventory transferred to (from) property and equipment | $ | (398 | ) | $ | 602 | |||
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