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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 Investment

Wednesday, February 3, 2016 1 min read
Key Takeaway: PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Consolidated Balance Sheets 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 Inv

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PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Balance Sheets
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
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
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)
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Last updated: Feb 3, 2016