Exhibit 99.3
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
| Six-Month Periods Ended June 30, | ||||
(in thousands) | 2014 |
| 2013 | ||
Cash flows from operating activities |
|
|
|
|
|
Net loss | $ | (38,022) |
| $ | (41,575) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
Depreciation |
| 2,311 |
|
| 2,897 |
Amortization of debt discount and financing costs |
| 375 |
|
| 248 |
Stock-based compensation |
| 4,492 |
|
| 5,190 |
Other |
| 156 |
|
| (73) |
Changes in assets and liabilities |
|
|
|
|
|
Accounts receivable |
| (1,509) |
|
| (1,282) |
Inventory |
| 610 |
|
| (293) |
Prepaid expenses and other assets |
| 7 |
|
| 1,229 |
Accounts payable |
| 3,662 |
|
| (384) |
Accrued expenses |
| 459 |
|
| 699 |
Deferred service revenue |
| 1,582 |
|
| (97) |
Deferred contractual revenue |
| (3,392) |
|
| — |
Other liabilities |
| (607) |
|
| (541) |
Net cash used in operating activities |
| (29,876) |
|
| (33,982) |
Cash flows from investing activities |
|
|
|
|
|
Purchase of property and equipment |
| (942) |
|
| (577) |
Purchase of investments |
| (66,876) |
|
| (111,524) |
Maturities of investments |
| 76,195 |
|
| 99,373 |
Net cash provided by (used in) investing activities |
| 8,377 |
|
| (12,728) |
Cash flows from financing activities |
|
|
|
|
|
Proceeds from issuance of common stock from equity plans |
| 2,691 |
|
| 1,283 |
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs |
| 20,646 |
|
| 19,954 |
Proceeds from issuance of Facility Agreement, net of issuance costs |
| — |
|
| 19,766 |
Net cash provided by financing activities |
| 23,337 |
|
| 41,003 |
Net increase (decrease) in cash and cash equivalents |
| 1,838 |
|
| (5,707) |
Cash and cash equivalents at beginning of period |
| 26,362 |
|
| 46,540 |
Cash and cash equivalents at end of period | $ | 28,200 |
| $ | 40,833 |
|
|
|
|
|
|