Exhibit 99.3
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
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| Nine-Month Periods Ended September 30, | ||||
(in thousands) | 2014 |
| 2013 | ||
Cash flows from operating activities |
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Net loss | $ | (47,185) |
| $ | (62,062) |
Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation |
| 3,311 |
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| 4,238 |
Amortization of debt discount and financing costs |
| 579 |
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| 418 |
Stock-based compensation |
| 6,944 |
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| 7,361 |
Other |
| 242 |
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| (73) |
Changes in assets and liabilities |
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Accounts receivable |
| 376 |
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| (992) |
Inventory |
| (1,348) |
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| 171 |
Prepaid expenses and other assets |
| 85 |
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| 791 |
Accounts payable |
| 4,128 |
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| 425 |
Accrued expenses |
| 821 |
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| 544 |
Deferred service revenue |
| 1,661 |
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| 56 |
Deferred contractual revenue |
| (5,088) |
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| 35,000 |
Other liabilities |
| (637) |
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| (1,136) |
Net cash used in operating activities |
| (36,111) |
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| (15,259) |
Cash flows from investing activities |
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Purchase of property and equipment |
| (1,132) |
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| (807) |
Purchase of investments |
| (97,468) |
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| (141,549) |
Maturities of investments |
| 119,673 |
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| 133,391 |
Net cash provided by (used in) investing activities |
| 21,073 |
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| (8,965) |
Cash flows from financing activities |
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Proceeds from issuance of common stock from equity plans |
| 3,319 |
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| 2,731 |
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs |
| 20,768 |
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| 19,954 |
Proceeds from issuance of Facility Agreement, net of issuance costs |
| — |
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| 19,766 |
Net cash provided by financing activities |
| 24,087 |
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| 42,451 |
Net increase in cash and cash equivalents |
| 9,049 |
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| 18,227 |
Cash and cash equivalents at beginning of period |
| 26,362 |
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| 46,540 |
Cash and cash equivalents at end of period | $ | 35,411 |
| $ | 64,767 |
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