PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Balance Sheets
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
| March 31, |
| December 31, | ||
(in thousands, except per share amounts) | 2017 |
| 2016 | ||
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents | $ | 28,982 |
| $ | 16,765 |
Investments |
| 27,068 |
|
| 55,213 |
Accounts receivable |
| 10,441 |
|
| 11,421 |
Inventory |
| 15,348 |
|
| 15,634 |
Prepaid expenses and other current assets |
| 6,501 |
|
| 9,978 |
Total current assets |
| 88,340 |
|
| 109,011 |
Property and equipment, net |
| 42,449 |
|
| 14,560 |
Long-term restricted cash |
| 4,500 |
|
| 4,500 |
Other long-term assets |
| 219 |
|
| 9,813 |
Total assets | $ | 135,508 |
| $ | 137,884 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable | $ | 8,221 |
| $ | 8,359 |
Accrued expenses |
| 17,246 |
|
| 16,604 |
Deferred service revenue, current |
| 6,683 |
|
| 7,130 |
Other liabilities, current |
| 167 |
|
| 1,681 |
Notes payable, current |
| 3,123 |
|
| — |
Total current liabilities |
| 35,440 |
|
| 33,774 |
Deferred service revenue, non-current |
| 1,484 |
|
| 1,297 |
Deferred rent, non-current |
| 14,148 |
|
| 19 |
Other liabilities, non-current |
| 1,741 |
|
| 1,664 |
Notes payable, non-current |
| 13,302 |
|
| 16,106 |
Financing derivative |
| 208 |
|
| 356 |
Total liabilities |
| 66,323 |
|
| 53,216 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
Preferred Stock, $0.001 par value: |
|
|
|
|
|
Authorized 50,000 shares; No shares issued or outstanding |
| — |
|
| — |
Common Stock, $0.001 par value: |
|
|
|
|
|
Authorized 1,000,000 shares; Issued and outstanding 93,540 and 92,677 shares at March 31, 2017 and December 31, 2016, respectively |
| 94 |
|
| 93 |
Additional paid-in-capital |
| 880,505 |
|
| 872,114 |
Accumulated other comprehensive income (loss) |
| (3) |
|
| 5 |
Accumulated deficit |
| (811,411) |
|
| (787,544) |
Total stockholders’ equity |
| 69,185 |
|
| 84,668 |
Total liabilities and stockholders’ equity | $ | 135,508 |
| $ | 137,884 |
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three-Month Periods Ended March 31, |
|
| ||||||||
(in thousands, except per share amounts) |
| 2017 |
| 2016 |
|
|
|
| ||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
| $ | 21,294 |
| $ | 12,379 |
|
|
|
|
|
|
Service and other revenue |
|
| 3,621 |
|
| 3,152 |
|
|
|
|
|
|
Contractual revenue |
|
| — |
|
| 3,596 |
|
|
|
|
|
|
Total revenue |
|
| 24,915 |
|
| 19,127 |
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
| 11,362 |
|
| 6,880 |
|
|
|
|
|
|
Cost of service and other revenue |
|
| 4,616 |
|
| 2,743 |
|
|
|
|
|
|
Total cost of revenue |
|
| 15,978 |
|
| 9,623 |
|
|
|
|
|
|
Gross profit |
|
| 8,937 |
|
| 9,504 |
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
| 16,971 |
|
| 16,361 |
|
|
|
|
|
|
Sales, general and administrative |
|
| 15,265 |
|
| 11,708 |
|
|
|
|
|
|
Total operating expense |
|
| 32,236 |
|
| 28,069 |
|
|
|
|
|
|
Operating loss |
|
| (23,299) |
|
| (18,565) |
|
|
|
|
|
|
Interest expense |
|
| (838) |
|
| (779) |
|
|
|
|
|
|
Other income (expense), net |
|
| 270 |
|
| (8) |
|
|
|
|
|
|
Net loss |
|
| (23,867) |
|
| (19,352) |
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on investments |
|
| (8) |
|
| 48 |
|
|
|
|
|
|
Comprehensive loss |
| $ | (23,875) |
| $ | (19,304) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
| $ | (0.26) |
| $ | (0.23) |
|
|
|
|
|
|
Shares used in computing basic and diluted net loss per share |
|
| 92,970 |
|
| 83,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
| Three-Month Periods Ended March 31, | ||||
(in thousands) | 2017 |
| 2016 | ||
Cash flows from operating activities |
|
|
|
|
|
Net loss | $ | (23,867) |
| $ | (19,352) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
Depreciation |
| 2,850 |
|
| 848 |
Amortization of debt discount and financing costs |
| 319 |
|
| 268 |
Stock-based compensation |
| 4,985 |
|
| 4,581 |
Other items |
| (145) |
|
| 74 |
Changes in assets and liabilities |
|
|
|
|
|
Accounts receivable |
| 980 |
|
| (2,865) |
Inventory |
| 366 |
|
| (2,119) |
Prepaid expenses and other assets |
| 3,377 |
|
| 4,709 |
Accounts payable |
| (5,929) |
|
| (39) |
Accrued expenses |
| 562 |
|
| (3,350) |
Deferred service revenue |
| (260) |
|
| (705) |
Deferred contractual revenue |
| — |
|
| (3,596) |
Other liabilities |
| 92 |
|
| 1,279 |
Net cash used in operating activities |
| (16,670) |
|
| (20,267) |
Cash flows from investing activities |
|
|
|
|
|
Purchase of property and equipment |
| (2,668) |
|
| (457) |
Disposal of property and equipment |
| — |
|
| 111 |
Purchase of investments |
| (10,419) |
|
| (43,383) |
Sales of investments |
| 3,662 |
|
| 4,949 |
Maturities of investments |
| 34,905 |
|
| 15,539 |
Net cash provided by (used in) investing activities |
| 25,480 |
|
| (23,241) |
Cash flows from financing activities |
|
|
|
|
|
Proceeds from issuance of common stock from equity plans |
| 3,407 |
|
| 3,423 |
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs |
| — |
|
| 26,536 |
Net cash provided by financing activities |
| 3,407 |
|
| 29,959 |
Net decrease in cash and cash equivalents |
| 12,217 |
|
| (13,549) |
Cash and cash equivalents at beginning of period |
| 16,765 |
|
| 33,629 |
Cash and cash equivalents at end of period | $ | 28,982 |
| $ | 20,080 |
|
|
|
|
|
|
Supplemental disclosure of non-cash investing and financing activities |
|
|
|
|
|
Changes in unpaid property and equipment | $ | 5,791 |
| $ | 24 |
Changes in deposits for property and equipment paid in prior period | $ | 9,694 |
| $ | — |
Property and equipment paid by landlord | $ | 12,600 |
|
| — |