PACIFIC BIOSCIENCES OF CALIFORNIA, INC. - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - 8-K - PACIFIC BIOSCIENCES OF CALIFORNIA, INC.	pacb-20150203x8k.htm
EX-10.1 - EX-10.1 - PACIFIC BIOSCIENCES OF CALIFORNIA, INC.	pacb-20150203ex101dd6fcb.htm
EX-99.2 - EX-99.2 - PACIFIC BIOSCIENCES OF CALIFORNIA, INC.	pacb-20150203ex992dbbecb.htm
EX-5.1 - EX-5.1 - PACIFIC BIOSCIENCES OF CALIFORNIA, INC.	pacb-20150203ex515ba49c2.htm

Exhibit 99.1

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Consolidated Balance Sheets

(unaudited)



	December 31,
(in thousands, except per share amounts)	2014		2013
Assets
Current assets
Cash and cash equivalents	$	36,449	$	26,362
Investments		64,899		86,166
Accounts receivable		3,406		2,746
Inventory, net		11,335		10,050
Prepaid expenses and other current assets		1,671		1,135
Total current assets		117,760		126,459
Property and equipment, net		6,601		9,236
Other long-term assets		162		490
Total assets	$	124,523	$	136,185
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	5,608	$	1,717
Accrued expenses		11,441		7,905
Deferred service revenue, current		6,121		4,046
Deferred contractual revenue, current		6,785		6,785
Other liabilities, current		1,534		2,102
Total current liabilities		31,489		22,555
Deferred service revenue, non-current		1,129		518
Deferred contractual revenue, non-current		19,735		26,519
Other liabilities, non-current		2,153		3,517
Notes payable		14,124		13,347
Financing derivative		944		549
Total liabilities		69,574		67,005

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 73,927 and 66,275 shares at December 31, 2014 and 2013, respectively		74		66
Additional paid-in-capital		736,339		684,413
Accumulated other comprehensive income		9		14
Accumulated deficit		(681,473)		(615,313)
Total stockholders’ equity		54,949		69,180
Total liabilities and stockholders’ equity	$	124,523	$	136,185

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Consolidated Statements of Operations and Comprehensive Loss

(unaudited)



	Years ended December 31,
(in thousands, except per share amounts)	2014		2013		2012
Revenue:
Product revenue	$	35,299	$	20,039	$	20,089
Service and other revenue		8,511		6,446		5,894
Contractual revenue		16,784		1,696		—
Total revenue		60,594		28,181		25,983
Cost of Revenue:
Cost of product revenue		29,626		15,706		18,796
Cost of service and other revenue		7,566		6,056		6,247
Total cost of revenue		37,192		21,762		25,043
Gross profit		23,402		6,419		940
Operating Expense:
Research and development		48,230		45,217		47,623
Sales, general and administrative		38,026		38,745		47,655
Total operating expense		86,256		83,962		95,278
Operating loss		(62,854)		(77,543)		(94,338)
Interest expense		(2,828)		(2,478)		(274)
Other income (expense), net		(478)		728		147
Net loss		(66,160)		(79,293)		(94,465)
Other comprehensive loss:
Unrealized loss on investments		(5)		(16)		(27)
Comprehensive loss	$	(66,165)	$	(79,309)	$	(94,492)
Net loss per share:
Basic and diluted net loss per share	$	(0.94)	$	(1.26)	$	(1.69)
Shares used in computing basic and diluted net loss per share		70,475		62,784		55,733

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Consolidated Statements of Cash Flows

(unaudited)



	Years Ended December 31,
(in thousands)	2014		2013		2012
Cash flows from operating activities
Net loss	$	(66,160)	$	(79,293)	$	(94,465)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		4,221		5,648		6,649
Amortization of debt discount and financing costs		793		595		—
Stock-based compensation		9,943		9,905		9,705
Other items		507		(352)		1,295
Changes in assets and liabilities
Accounts receivable		(660)		76		1,735
Inventory		(1,285)		(60)		4,761
Prepaid expenses and other assets		(224)		840		50
Accounts payable		3,891		(1,271)		(1,754)
Accrued expenses		3,536		1,327		(1,333)
Deferred service revenue		2,686		386		(1,674)
Deferred contractual revenue		(6,784)		33,304		—
Other liabilities		(1,932)		(938)		(1,791)
Net cash used in operating activities		(51,468)		(29,833)		(76,822)
Cash flows from investing activities
Purchase of property and equipment		(1,609)		(909)		(1,703)
Purchase of investments		(126,413)		(201,547)		(87,889)
Sales of investments		—		100		7,896
Maturities of investments		147,586		169,239		143,488
Net cash provided by (used in) investing activities		19,564		(33,117)		61,792
Cash flows from financing activities
Proceeds from issuance of common stock from equity plans		3,968		3,079		2,705
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs		38,023		19,927		—
Proceeds from issuance of debt agreement, net of issuance costs		—		19,766		—
Net cash provided by financing activities		41,991		42,772		2,705
Net increase (decrease) in cash and cash equivalents		10,087		(20,178)		(12,325)
Cash and cash equivalents at beginning of period		26,362		46,540		58,865
Cash and cash equivalents at end of period	$	36,449	$	26,362	$	46,540

Supplemental disclosure of cash flow information
Interest paid	$	1,342	$	1,165	$	—

Supplemental disclosure of non-cash investing and financing activities
Inventory transferred to (from) property and equipment for internal use		—		(558)		1,164

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. - FORM 8-K - EX-99.1 - February 3, 2015

Attached files

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Reports