Exhibit 99.3
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
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| Three-Month Periods Ended March 31, | ||||
(in thousands) | 2014 |
| 2013 | ||
Cash flows from operating activities |
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Net loss | $ | (18,886) |
| $ | (21,104) |
Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation |
| 1,221 |
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| 1,493 |
Amortization of debt discount and financing costs |
| 182 |
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| 89 |
Stock-based compensation |
| 2,270 |
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| 2,746 |
Other |
| — |
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| 32 |
Changes in assets and liabilities |
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Accounts receivable |
| (637) |
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| 813 |
Inventory |
| 1,749 |
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| (607) |
Prepaid expenses and other assets |
| (487) |
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| 431 |
Accounts payable |
| 2,209 |
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| 22 |
Accrued expenses and other current liabilities |
| (2,119) |
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| (779) |
Deferred service revenue |
| 258 |
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| (423) |
Deferred contractual revenue |
| (1,696) |
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| — |
Deferred rent and other long-term liabilities |
| (320) |
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| (288) |
Net cash used in operating activities |
| (16,256) |
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| (17,575) |
Cash flows from investing activities |
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Purchase of property and equipment |
| (477) |
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| (297) |
Purchase of investments |
| (36,515) |
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| (42,466) |
Maturities of investments |
| 45,190 |
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| 37,180 |
Net cash provided by (used in) investing activities |
| 8,198 |
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| (5,583) |
Cash flows from financing activities |
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Proceeds from issuance of common stock from equity plans |
| 2,311 |
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| 1,235 |
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs |
| 20,646 |
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| 8,655 |
Proceeds from issuance of Facility Agreement, net of issuance costs |
| — |
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| 19,766 |
Net cash provided by financing activities |
| 22,957 |
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| 29,656 |
Net increase in cash and cash equivalents |
| 14,899 |
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| 6,498 |
Cash and cash equivalents at beginning of period |
| 26,362 |
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| 46,540 |
Cash and cash equivalents at end of period | $ | 41,261 |
| $ | 53,038 |
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