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PACIFIC BIOSCIENCES OF CALIFORNIA, INC.  Condensed Consolidated Balance Sheets (unaudited)         December 31, (in thousands, except p ar value ) 2

Thursday, February 1, 2018 1 min read
Key Takeaway: PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Condensed Consolidated Balance Sheets December 31, (in thousands, except p ar value ) 2017 2016 Assets Current assets Cash and cash equivalents $ 16,507 $ 16,765 Investments 46,365 55,213 Accounts receivable 13,433 11,4

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PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Balance Sheets
December 31,
(in thousands, except p ar value ) 2017 2016
Assets
Current assets
Cash and cash equivalents $ 16,507 $ 16,765
Investments 46,365 55,213
Accounts receivable 13,433 11,421
Inventory 23,065 15,634
Prepaid expenses and other current assets 2,249 9,978
Total current assets 101,619 109,011
Property and equipment, net 37,920 14,560
Long-term restricted cash 4,500 4,500
Other long-term assets 45 9,813
Total assets $ 144,084 $ 137,884
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 9,093 $ 8,359
Accrued expenses 12,618 16,604
Deferred service revenue, current 6,319 7,130
Other liabilities, current 605 1,681
Total current liabilities 28,635 33,774
Deferred service revenue, non-current 1,075 1,297
Deferred rent, non-current 14,453 19
Other liabilities, non-current 1,664
Notes payable, non-current 13,635 16,106
Financing derivative 183 356
Total liabilities 57,981 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 116,277 and 92,677 shares at December 31, 2017 and 2016, respectively 116 93
Additional paid-in-capital 965,752 872,114
Accumulated other comprehensive income (loss) (32) 5
Accumulated deficit (879,733) (787,544)
Total stockholders' equity 86,103 84,668
Total liabilities and stockholders' equity $ 144,084 $ 137,884
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
Years ended December 31,
(in thousands, except per share amounts) 2017 2016 2015
Revenue:
Product revenue $ 80,030 $ 64,609 $ 37,502
Service and other revenue 13,438 13,971 10,896
Contractual revenue 12,134 44,384
Total revenue 93,468 90,714 92,782
Cost of Revenue:
Cost of product revenue 42,900 34,512 30,704
Cost of service and other revenue 15,909 12,042 8,628
Total cost of revenue 58,809 46,554 39,332
Gross profit 34,659 44,160 53,450
Operating Expense:
Research and development 65,324 67,617 60,440
Sales, general and administrative 59,119 47,787 45,187
Gain on lease amendments (23,043)
Total operating expense 124,443 115,404 82,584
Operating loss (89,784) (71,244) (29,134)
Interest expense (2,921) (3,234) (2,926)
Other income (expense), net 516 103 364
Net loss (92,189) (74,375) (31,696)
Other comprehensive loss:
Unrealized gain (loss) on investments (37) 12 (16)
Comprehensive loss $ (92,226) $ (74,363) $ (31,712)
Net loss per share:
Basic and diluted net loss per share $ (0.87) $ (0.83) $ (0.42)
Shares used in computing basic and diluted net loss per share 105,682 89,148 75,614
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Condensed Consolidated Statements of Cash Flows
Years Ended December 31,
(in thousands) 2017 2016 2015
Cash flows from operating activities
Net loss $ (92,189) $ (74,375) $ (31,696)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization 8,442 3,875 3,677
Amortization of debt discount and financing costs 1,203 1,158 957
Stock-based compensation 20,352 19,562 13,840
Non-cash portion of gain on lease amendments (3,043)
(Gain) Loss from derivative 653 (244) (344)
Other items 47 97 114
Changes in assets and liabilities
Accounts receivable (2,012) (6,176) (1,738)
Inventory (8,442) (6,151) (2,466)
Prepaid expenses and other assets 7,803 (202) (17,889)
Accounts payable 764 3,402 (716)
Accrued expenses (3,986) 1,053 5,732
Deferred service revenue (1,033) 469 708
Deferred contractual revenue (12,134) (14,386)
Other liabilities 880 1,737 (639)
Net cash used in operating activities (67,518) (67,929) (47,889)
Cash flows from investing activities
Purchase of property and equipment (10,433) (8,207) (3,009)
Proceeds from disposal of property and equipment 41 10 36
Long-term restricted cash (4,500)
Purchase of investments (86,339) (95,848) (84,579)
Sales of investments 7,111 23,285 8,317
Maturities of investments 88,071 65,896 92,341
Net cash provided by (used in) investing activities (1,549) (14,864) 8,606
Cash flows from financing activities
Proceeds from issuance of common stock from equity plans 8,914 7,729 7,363
Notes payable principal payoff (4,500)
Proceeds from issuance of common stock from "at-the-market" offering, net of issuance costs 11,865 58,200 29,100
Proceeds from issuance of common stock from underwritten public equity offering, net of issuance costs 52,530
Net cash provided by financing activities 68,809 65,929 36,463
Net decrease in cash and cash equivalents (258) (16,864) (2,820)
Cash and cash equivalents at beginning of period 16,765 33,629 36,449
Cash and cash equivalents at end of period $ 16,507 $ 16,765 $ 33,629
Supplemental disclosure of cash flow information
Interest paid $ 1,596 $ 1,799 $ 1,794
Supplemental disclosure of non-cash investing and financing activities
Inventory transferred to property and equipment 1,267 1,282 2,846
Property and equipment paid by landlord 12,600 - -
Changes in deposits for property and equipment paid in prior period 9,694 - -
Property and equipment returned to landlord 1,854 - -
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Last updated: Feb 1, 2018