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PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Balance Sheets
| 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
| 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
| 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 |