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) | 2015 |
| 2014 | ||
Cash flows from operating activities |
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Net loss | $ | (30,287) |
| $ | (47,185) |
Adjustments to reconcile net loss to net cash used in operating activities |
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Depreciation |
| 2,694 |
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| 3,311 |
Amortization of debt discount and financing costs |
| 699 |
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| 579 |
Stock-based compensation |
| 9,813 |
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| 6,944 |
Non-cash portion of gain on lease amendments |
| (3,043) |
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| — |
Other items |
| 21 |
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| 242 |
Changes in assets and liabilities |
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Accounts receivable |
| (758) |
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| 376 |
Inventory |
| (1,990) |
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| (1,348) |
Prepaid expenses and other assets |
| (15,410) |
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| 85 |
Accounts payable |
| 364 |
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| 4,128 |
Accrued expenses |
| 1,523 |
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| 821 |
Deferred service revenue |
| 303 |
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| 1,661 |
Deferred contractual revenue |
| (10,788) |
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| (5,088) |
Other liabilities |
| (316) |
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| (637) |
Net cash used in operating activities |
| (47,175) |
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| (36,111) |
Cash flows from investing activities |
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Purchase of property and equipment |
| (2,131) |
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| (1,132) |
Disposal of property and equipment |
| 12 |
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| — |
Purchase of investments |
| (43,715) |
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| (97,468) |
Sales of investments |
| 8,317 |
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| — |
Maturities of investments |
| 68,553 |
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| 119,673 |
Net cash provided by investing activities |
| 31,036 |
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| 21,073 |
Cash flows from financing activities |
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Proceeds from issuance of common stock from equity plans |
| 5,465 |
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| 3,319 |
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs |
| 1,433 |
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| 20,768 |
Net cash provided by financing activities |
| 6,898 |
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| 24,087 |
Net increase (decrease) in cash and cash equivalents |
| (9,241) |
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| 9,049 |
Cash and cash equivalents at beginning of period |
| 36,449 |
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| 26,362 |
Cash and cash equivalents at end of period | $ | 27,208 |
| $ | 35,411 |
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Supplemental disclosure of non-cash investing and financing activities |
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Inventory transferred to property and equipment |
| 1,704 |
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| — |
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