Attached files
file | filename |
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8-K - 8-K - PACIFIC BIOSCIENCES OF CALIFORNIA, INC. | pacb-20160203x8k.htm |
EX-99.2 - EX-99.2 - PACIFIC BIOSCIENCES OF CALIFORNIA, INC. | pacb-20160203xex992.htm |
EX-5.1 - EX-5.1 - PACIFIC BIOSCIENCES OF CALIFORNIA, INC. | pacb-20160203ex5132ed025.htm |
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Balance Sheets
(unaudited)
December 31, |
|||||
(in thousands, except per share amounts) |
2015 |
2014 |
|||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ |
33,629 |
$ |
36,449 | |
Investments |
48,641 | 64,899 | |||
Accounts receivable |
5,245 | 3,406 | |||
Inventory |
10,955 | 11,335 | |||
Prepaid expenses and other current assets |
12,071 | 1,671 | |||
Total current assets |
110,541 | 117,760 | |||
Property and equipment, net |
8,548 | 6,601 | |||
Long-term restricted cash |
4,500 |
— |
|||
Other long-term assets |
7,518 | 29 | |||
Total assets |
$ |
131,107 |
$ |
124,390 | |
Liabilities and Stockholders’ Equity |
|||||
Current liabilities |
|||||
Accounts payable |
$ |
4,749 |
$ |
5,608 | |
Accrued expenses |
15,551 | 11,441 | |||
Deferred service revenue, current |
6,815 | 6,121 | |||
Deferred contractual revenue, current |
10,822 | 6,785 | |||
Other liabilities, current |
241 | 1,534 | |||
Total current liabilities |
38,178 | 31,489 | |||
Deferred service revenue, non-current |
1,143 | 1,129 | |||
Deferred contractual revenue, non-current |
1,312 | 19,735 | |||
Other liabilities, non-current |
1,386 | 2,153 | |||
Notes payable |
14,948 | 13,991 | |||
Financing derivative |
600 | 944 | |||
Total liabilities |
57,567 | 69,441 | |||
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 79,983 and 73,927 shares at December 31, 2015 and 2014, respectively |
80 | 74 | |||
Additional paid-in-capital |
786,636 | 736,339 | |||
Accumulated other comprehensive income (loss) |
(7) | 9 | |||
Accumulated deficit |
(713,169) | (681,473) | |||
Total stockholders’ equity |
73,540 | 54,949 | |||
Total liabilities and stockholders’ equity |
$ |
131,107 |
$ |
124,390 |
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
Years ended December 31, |
||||||||
(in thousands, except per share amounts) |
2015 |
2014 |
2013 |
|||||
Revenue: |
||||||||
Product revenue |
$ |
37,502 |
$ |
35,299 |
$ |
20,039 | ||
Service and other revenue |
10,896 | 8,511 | 6,446 | |||||
Contractual revenue |
44,384 | 16,784 | 1,696 | |||||
Total revenue |
92,782 | 60,594 | 28,181 | |||||
Cost of Revenue: |
||||||||
Cost of product revenue |
30,704 | 29,626 | 15,706 | |||||
Cost of service and other revenue |
8,628 | 7,566 | 6,056 | |||||
Total cost of revenue |
39,332 | 37,192 | 21,762 | |||||
Gross profit |
53,450 | 23,402 | 6,419 | |||||
Operating Expense: |
||||||||
Research and development |
60,440 | 48,230 | 45,217 | |||||
Sales, general and administrative |
45,187 | 38,026 | 38,745 | |||||
Gain on lease amendments |
(23,043) |
— |
— |
|||||
Total operating expense |
82,584 | 86,256 | 83,962 | |||||
Operating loss |
(29,134) | (62,854) | (77,543) | |||||
Interest expense |
(2,926) | (2,828) | (2,478) | |||||
Other income (expense), net |
364 | (478) | 728 | |||||
Net loss |
(31,696) | (66,160) | (79,293) | |||||
Other comprehensive loss: |
||||||||
Unrealized loss on investments |
(16) | (5) | (16) | |||||
Comprehensive loss |
$ |
(31,712) |
$ |
(66,165) |
$ |
(79,309) | ||
Net loss per share: |
||||||||
Basic and diluted net loss per share |
$ |
(0.42) |
$ |
(0.94) |
$ |
(1.26) | ||
Shares used in computing basic and diluted net loss per share |
75,614 | 70,475 | 62,784 |
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Cash Flows
(unaudited)
Years Ended December 31, |
||||||||
(in thousands) |
2015 |
2014 |
2013 |
|||||
Cash flows from operating activities |
||||||||
Net loss |
$ |
(31,696) |
$ |
(66,160) |
$ |
(79,293) | ||
Adjustments to reconcile net loss to net cash used in operating activities |
||||||||
Depreciation and amortization |
3,677 | 4,221 | 5,648 | |||||
Amortization of debt discount and financing costs |
957 | 793 | 595 | |||||
Stock-based compensation |
13,840 | 9,943 | 9,905 | |||||
Non-cash portion of gain on lease amendments |
(3,043) |
— |
— |
|||||
Other items |
(230) | 507 | (352) | |||||
Changes in assets and liabilities |
||||||||
Accounts receivable |
(1,738) | (660) | 76 | |||||
Inventory |
(2,466) | (1,285) | (60) | |||||
Prepaid expenses and other assets |
(17,889) | (224) | 840 | |||||
Accounts payable |
(716) | 3,891 | (1,271) | |||||
Accrued expenses |
5,732 | 3,536 | 1,327 | |||||
Deferred service revenue |
708 | 2,686 | 386 | |||||
Deferred contractual revenue |
(14,386) | (6,784) | 33,304 | |||||
Other liabilities |
(639) | (1,932) | (938) | |||||
Net cash used in operating activities |
(47,889) | (51,468) | (29,833) | |||||
Cash flows from investing activities |
||||||||
Purchase of property and equipment |
(3,009) | (1,609) | (909) | |||||
Proceeds from disposal of property and equipment |
36 |
— |
— |
|||||
Long-term restricted cash |
(4,500) |
— |
— |
|||||
Purchase of investments |
(84,579) | (126,413) | (201,547) | |||||
Sales of investments |
8,317 |
— |
100 | |||||
Maturities of investments |
92,341 | 147,586 | 169,239 | |||||
Net cash provided by (used in) investing activities |
8,606 | 19,564 | (33,117) | |||||
Cash flows from financing activities |
||||||||
Proceeds from issuance of common stock from equity plans |
7,363 | 3,968 | 3,079 | |||||
Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs |
29,100 | 38,023 | 19,927 | |||||
Proceeds from issuance of debt agreement, net of issuance costs |
— |
— |
19,766 | |||||
Net cash provided by financing activities |
36,463 | 41,991 | 42,772 | |||||
Net increase (decrease) in cash and cash equivalents |
(2,820) | 10,087 | (20,178) | |||||
Cash and cash equivalents at beginning of period |
36,449 | 26,362 | 46,540 | |||||
Cash and cash equivalents at end of period |
$ |
33,629 |
$ |
36,449 |
$ |
26,362 | ||
Supplemental disclosure of cash flow information |
||||||||
Interest paid |
$ |
1,794 |
$ |
1,794 |
$ |
1,165 | ||
Supplemental disclosure of non-cash investing and financing activities |
||||||||
Inventory transferred to (from) property and equipment |
2,846 |
— |
(558) |