STANDARD BIOTOOLS INC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
LAB$0.64+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0000950170-24-091888
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000950170-24-122473
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 129 current paragraphs.
94 unchanged; 28 reworded; 6 added; 7 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Additionally, we have an integrated proteomics platform ("SomaScan® Platform") capable of robust, high throughput proteomics analysis with broad proteome coverage, low limits of detection, and high reproducibility. Our SomaScan® Platform, together with our industry-leading single-cell proteomics and spatial proteomics solutions, comprise a comprehensive services offering to customers working to identify biomarkers of predictive response, mechanism of action, and patient stratification in their studies.
Current report
The SomaScan® 11K Platform now includes protein measurements on a broader range of sample types, including cerebrospinal fluid, aqueous humor, tissue homogenates and cell lysates. The SomaScan® Platform provides the largest number of protein measurements and the greatest number of orthogonally confirmed protein reagents in the proteomics industry —11,000 protein measurements simultaneously from sample volumes as low as 55 µl—giving researchers access to half of the human proteome in just one assay.
Current report
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Current report
Service revenue
Current report
For the nine months ended September 30, 2024, our routine business operations resulted in net cash outflows of $69.5 million. Our other uses of cash included payments of $39.4 million for transaction and integration costs, and payments of $10.0 million for restructuring costs.
Current report
Net cash used in financing activities was $48.1 million for the nine months ended September 30, 2024 compared to $5.8 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, our primary uses of cash in financing activities included common stock repurchases of $40.5 million, and payments of $8.2 million to settle our term loan and reduce the amount of our outstanding convertible notes. For the nine months ended September 30, 2023, our primary use of cash in financing activities included common stock repurchases of $5.2 million.
Removed paragraphs (7)
Previous report
On January 5, 2024, we completed a merger (the "Merger") with SomaLogic, Inc. ("SomaLogic"), creating a leading provider of differentiated multi-omics tools for research.
Previous report
Series B Redeemable Preferred Stock
Previous report
On March 18, 2024, we entered into an exchange agreement (the “Exchange Agreement”) with Casdin Private Growth Equity Fund II, L.P. and Casdin Partners Master Fund, L.P. (together, "Casdin"), and Viking Global Opportunities Illiquid Investments Sub Master LP and Viking Global Opportunities Drawdown LP (together, “Viking” and, collectively with Casdin, the “Investors”). Pursuant to the Exchange Agreement, the Investors exchanged (the “Exchange”) an aggregate of (i) 127,780 shares of Series B-1 Convertible Preferred Stock, par value $0.001 per share (the “Series B-1 Preferred Stock”), and (ii) 127,779 shares of Series B-2 Convertible Preferred Stock, par value $0.001 per share (the “Series B-2 Preferred Stock” and, together with the Series B-1 Preferred Stock, the “Series B Preferred Stock”), representing all of the outstanding shares of Series B Preferred Stock, for an aggregate of 92,930,553 shares of our common stock. The Exchange was completed on March 18, 2024. Following the closing of the Exchange, no shares of Series B Preferred Stock remained outstanding as of June 30, 2024, and we had no amounts recorded in mezzanine equity.
Previous report
The Exchange was determined to be an induced conversion due a reduction in the original conversion price. The excess of the fair value of the common stock issued over the fair value of shares issuable under original terms represents an in-substance distribution to the Investors, and increased our net loss per share.
Previous report
Assay services revenue
Previous report
Instrument support service revenue
Previous report
Financing activities used cash of $48.1 million for the six months ended June 30, 2024 compared to $4.6 million for the six months ended June 30, 2023. The changes in cash from financing activities during the six months ended June 30, 2024 primarily reflect $40.5 million of common stock share repurchases, and $8.2 million of repayment of term loan and convertible notes in the six months ended June 30, 2024. The changes in cash from financing activities during the six months ended June 30, 2023 primarily reflect $4.8 million of common stock share repurchases.
Reworded paragraphs (28)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited financial information and the notes thereto included appearing elsewhere in this Quarterly Report on Form 10-Q, and the audited financial information and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 1, 2024 (the “Annual Report”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations together with the unaudited financial information and the notes thereto included appearing elsewhere in this Quarterly Report on Form 10-Q, and the audited financial information and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") on March 1, 2024 (the “Annual Report”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of our Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.
Previous wording
Standard BioTools Inc. is driven by a bold purpose – unleashing tools to accelerate breakthroughs in human health. We have an established portfolio of essential, standardized next-generation high resolution technologies that assist biomedical researchers develop medicines faster and better. Our tools are designed to provide reliable and repeatable insights in health and disease using our proprietary mass cytometry and microfluidics technologies, which are useful in proteomics and genomics that help transform scientific discoveries into better patient outcomes. We work with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy.
Current wording
Standard BioTools Inc. is driven by a bold purpose – unleashing tools to accelerate breakthroughs in human health. We have an established portfolio of essential technologies that assist biomedical researchers develop medicines faster and better. We have created high resolution instruments designed to provide reliable and repeatable insights in health and disease, through the use of our proprietary mass cytometry and microfluidics technologies, which are useful in proteomics and genomics, to help transform scientific discoveries into better patient outcomes.
Previous wording
We distribute our systems through our direct sales force and support organizations located in North America, Europe, and Asia-Pacific, and through distributors or sales agents in several European, Latin American, Middle Eastern, and Asia-Pacific countries. Our manufacturing operations are located in Singapore and Canada.
Current wording
We distribute our instruments through our direct sales force and support organizations located in North America, Europe, and Asia-Pacific, and through distributors or sales agents in several European, Latin American, Middle Eastern, and Asia-Pacific countries. We also offer lab services where we use our instruments, especially the SomaScan® Platform, to analyze customer samples within our own facility. Additionally, we have authorized third-party sites globally to conduct SomaScan® assays using our proprietary technology.
Previous wording
On January 5, 2024, we completed the Merger pursuant to an Agreement and Plan of Merger, dated as of October 4, 2023 (the “Merger Agreement”), by and among us, SomaLogic and Martis Merger Sub, Inc. (“Merger Sub”), pursuant to which Merger Sub merged with and into SomaLogic, with SomaLogic surviving as a wholly owned subsidiary of Standard BioTools. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of SomaLogic common stock, par value $0.0001 per share (the “SomaLogic Common Stock”), converted into the right to receive 1.11 shares of our common stock.
Current wording
On January 5, 2024, we completed the Merger pursuant to an Agreement and Plan of Merger, dated as of October 4, 2023 (the “Merger Agreement”), by and among us, SomaLogic and Martis Merger Sub, Inc. (“Merger Sub”), pursuant to which Merger Sub merged with and into SomaLogic, with SomaLogic surviving as our wholly owned subsidiary. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of SomaLogic Common Stock converted into the right to receive 1.11 shares of our common stock.
Previous wording
We continue to focus on growth in instrument placements, including the SomaScan® certified sites ("Certified Sites") program, which we expect to drive future growth in sales of consumables, SomaScan® assay kits, and instrument support services.
Current wording
We continue to focus on growth in instrument placements, including the SomaScan® authorized sites ("Authorized Sites") program, which we expect to drive future growth in sales of consumables, SomaScan® assay kits, and field services.
Previous wording
We generate our revenue from three primary sources: (1) product revenue, (2) assay services revenue, and (3) instrument support service revenues. We also derive revenue from collaborative arrangements, license agreements, grants, and royalties. Customers include top biopharmaceutical companies and leading academic research universities.
Current wording
We generate our revenue from three primary sources: (1) product revenue, (2) lab services revenue, and (3) field services revenues. We also derive revenue from collaborative arrangements, license agreements, grants, and royalties. Customers include top biopharmaceutical companies and leading academic research universities.
Previous wording
We generate product revenue from the sale of instruments, consumables, SomaScan® assay kits and other related items. Consumables revenue is largely driven by the size of our active installed base of instruments and the level of usage per instrument. SomaScan® assay kit sales is largely driven by the number of active SomaScan® Certified Sites.
Current wording
We generate product revenue from the sale of instruments and consumables. Consumables revenue is largely driven by the size of our active installed base of instruments and the level of usage per instrument. Consumables revenue is also driven by the sale of SomaScan® assay kits, which is driven by the number of active SomaScan® Authorized Sites and the number of assays performed at those sites.
Previous wording
We generate assay services revenue primarily from the sale of SomaScan® services. SomaScan® service revenue is derived from performing the SomaScan® assay on customer samples to generate data on protein biomarkers. We expect assay services revenue to increase over the long-term with new and recurring sales opportunities. With the enhancement of our proteomic services, we expect to capture more market opportunities outside of the United States region, as well as winning contracts with new customers and expanding the scope of sales with existing customers.
Current wording
We generate service revenue from the sale of lab services and field services. Lab services revenue is primarily generated by performing the SomaScan® assay on customer samples to generate data on protein biomarkers. We expect lab services revenue to increase over the long-term with new and recurring sales opportunities. With the enhancement of our proteomic services, we expect to capture more market opportunities outside of the United States region, as well as winning contracts with new customers and expanding the scope of sales with existing customers.
Previous wording
Instrument support service revenue primarily consists of post-warranty service contracts, preventive maintenance plans, installation and training for our instruments. We expect the average selling prices of our products and services to fluctuate over time based on market conditions, product mix and currency fluctuations.
Current wording
Field services revenue primarily consists of post-warranty service contracts, preventive maintenance plans, installation and training for our instruments. We expect the average selling prices of our products and services to fluctuate over time based on market conditions, product mix and currency fluctuations.
Previous wording
Transaction and integration expenses consist of costs incurred in connection with the Merger, including legal, advisory, accounting and other transaction-related costs including integration costs. We expect to continue incurring these costs throughout the fiscal year ending December 31, 2024.
Current wording
Transaction and integration expenses consist of costs incurred in connection with acquisition-related activities, including legal, advisory, accounting and other transaction-related costs including integration costs.
Previous wording
The following table presents our unaudited condensed consolidated statements of operations and as a percentage of total revenue for the three and six months ended June 30, 2024 and 2023 ($ in thousands):
Current wording
The following table presents our unaudited condensed consolidated statements of operations and as a percentage of total revenue for the three and nine months ended September 30, 2024 and 2023 ($ in thousands):
Previous wording
Total revenue grew 34% to $37.2 million for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and grew 57% to $82.7 million for the six months ended June 30, 2024, compared to the six months ended June 30, 2023. Due to the acquisition of SomaLogic, revenue increased by $14.7 million and $38.6 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023. These increases were offset by decreases of $5.2 million and $8.6 million in revenues from our legacy business for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023.
Current wording
Total revenue grew 77% to $45.0 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and grew 63% to $127.7 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Due to the acquisition of SomaLogic, revenue increased by $22.9 million and $61.5 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. These increases were offset by decreases of $3.3 million and $12.0 million in revenues from our legacy business for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.
Previous wording
Total proteomics revenue grew 56% for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and grew 93% for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. Our growth in proteomics was driven by the acquisition of SomaLogic, which expanded our proteomics capabilities, products and services.
Current wording
Total proteomics revenue grew 147% for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and grew 109% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Our growth in proteomics was driven by the acquisition of SomaLogic, which expanded our proteomics capabilities, products and services.
Previous wording
Total genomics revenue decreased 6% for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and decreased 6% for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The continued decline in the genomics segment was anticipated, and is a driver of our continued focus on growing the OEM business and managing this segment to sustainable positive contribution margin in the near-term.
Current wording
Total genomics revenue decreased 8% for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and decreased 7% for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The continued decline in the genomics segment was anticipated, and is a driver of our continued focus on growing the OEM business and managing this segment to sustainable positive contribution margin in the near-term.
Previous wording
Gross profit increased by $1.3 million, or 10%, for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and increased by $13.2 million, or 51%, for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The increase in gross profit during the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily attributable to the impact from the Merger in the first quarter of 2024 which resulted in increased revenue.
Current wording
Gross profit increased by $12.1 million, or 109%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $25.3 million, or 68%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase in gross profit during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributable to the impact from the Merger which resulted in increased revenue.
Previous wording
R&D expense increased by $13.0 million, or 211%, for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and increased by $22.6 million, or 179%, for the six months ended June 30, 2024, compared to the six months ended June 30, 2023. The increase was primarily due to the impact of the Merger in the first quarter of 2024, which included increased salaries and benefits expense and stock based compensation expense due to the expanded global workforce headcount.
Current wording
R&D expense increased by $6.8 million, or 107%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $29.3 million, or 154%, for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The increase was primarily due to the impact of the Merger in the first quarter of 2024, which included increased salaries and benefits expense and stock-based compensation expense due to the expanded global workforce headcount.
Previous wording
SG&A expense increased by $15.1 million, or 67%, for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and increased by $40.7 million, or 93%, for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The increase was primarily attributable to the impact of the Merger in the first quarter of 2024, which included increased salaries and benefits expense and stock based compensation expense due to the expanded global workforce headcount.
Current wording
SG&A expense increased by $12.1 million, or 54%, for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $52.8 million, or 80%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily attributable to the impact of the Merger in the first quarter of 2024, which included increased salaries and benefits expense and stock-based compensation expense due to the expanded global workforce headcount.
Previous wording
Restructuring and related charges increased by $3.5 million for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and increased by $6.6 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, driven by increased severance and termination benefits in connection with reductions in headcount following the Merger.
Current wording
Restructuring and related charges increased by $0.3 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $7.0 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, driven by increased severance and termination benefits in connection with reductions in headcount following the Merger.
Previous wording
Transaction and integration expenses increased by $2.8 million for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and increased by $19.9 million for the six months ended June 30, 2024, compared to the same period in 2023. The increase was due to legal, advisory, accounting costs, and integration expenses incurred in connection with the Merger. The Company expects to incur additional integration costs in the future.
Current wording
Transaction and integration expenses increased by $3.4 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, and increased by $23.4 million for the nine months ended September 30, 2024, compared to the same period in 2023. The increase was primarily due to legal, advisory, accounting costs, and integration expenses incurred in connection with the Merger. The Company expects to incur additional integration costs in the future.
Previous wording
Bargain purchase gain increased by $25.2 million for the six months ended June 30, 2024, compared to the same period in 2023. The increase for the six months ended June 30, 2024 was due to the consummation of the Merger in January 2024, which resulted in the fair value of assets acquired and liabilities assumed from the Merger exceeding the fair value of the consideration transferred due to a decline in our stock price following the announcement of the Merger Agreement.
Current wording
Bargain purchase gain increased by $25.2 million for the nine months ended September 30, 2024, compared to the same period in 2023. The increase for the nine months ended September 30, 2024 was due to the consummation of the Merger in January 2024, which resulted in the fair value of assets acquired and liabilities assumed from the Merger exceeding the fair value of the consideration transferred due to a decline in our stock price following the announcement of the Merger Agreement.
Previous wording
The increase in other income, net of $4.2 million and $9.3 million for the three and six months ended June 30, 2024, respectively, compared to the same period in 2023, was primarily due to the interest earned on increased balances of money market funds and short-term investments and higher interest rates, as well as a decrease in interest expense due to repayment of our term loan in March 2024. Money market funds balances and short-term investments increased as a result of the Merger with SomaLogic.
Current wording
The increase in other income, net of $3.6 million and $12.9 million for the three and nine months ended September 30, 2024, respectively, compared to the same period in 2023, was primarily due to the interest earned on increased balances of money market funds and short-term investments and higher interest rates, as well as a decrease in interest expense due to repayment of our term loan in March 2024. Money market funds balances and short-term investments increased as a result of the Merger with SomaLogic.
Previous wording
We recorded income tax expense of $0.1 million and $0.3 million in the three months ended June 30, 2024 and 2023, respectively, and income tax expense of $0.2 million and $0.6 million in the six months ended June 30, 2024 and 2023, respectively. The decrease in our tax provision reflects the effect of our foreign operations, which reported lower pre-tax income in the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
Current wording
We recorded income tax expense of $0.1 million in each of the three months ended September 30, 2024 and 2023, and income tax expense of $0.3 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. The decrease in our tax provision reflects the effect of our foreign operations, which reported lower pre-tax income in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Previous wording
We have experienced operating losses since inception and have an accumulated deficit of $1,124.6 million as of June 30, 2024. To date, we have funded our operating losses primarily through equity offerings, term loans, convertible notes and redeemable preferred stock. Our ability to fund future operations and meet debt covenant requirements will depend upon our level of future revenue and operating cash flow and our ability to access additional funding through either equity offerings, issuances of debt instruments or both.
Current wording
We have experienced operating losses since inception and have an accumulated deficit of $1,151.6 million as of September 30, 2024. To date, we have funded our operating losses primarily through equity offerings, term loans, convertible notes and redeemable preferred stock. Our ability to fund future operations and meet debt covenant requirements will depend upon our level of future revenue and operating cash flow and our ability to access additional funding through either equity offerings, issuances of debt instruments or both.
Previous wording
Our principal sources of liquidity are cash, cash equivalents and short-term investments. Our collective balances of cash, cash equivalents and short-term investments were $394.7 million at June 30, 2024 and $114.9 million at December 31, 2023.
Current wording
Our principal sources of liquidity are cash, cash equivalents and short-term investments. Our collective balances of cash, cash equivalents, and short-term investments were $366.3 million at September 30, 2024 and $114.9 million at December 31, 2023.
Previous wording
In the six months ended June 30, 2024, we used $91.0 million of net proceeds from the sales and maturities of short-term investments to help fund $101.5 million of net cash used in operating activities, $40.5 million of common stock repurchases, and $8.2 million of repayment of term loan and convertible notes.
Current wording
In the nine months ended September 30, 2024, we used $62.4 million of net proceeds from the sales and maturities of short-term investments to help fund $129.4 million of net cash used in operating activities, $40.5 million of common stock repurchases, and $8.2 million of repayment of term loan and convertible notes.
Previous wording
In the six months ended June 30, 2023, we used $85.1 million of net proceeds from the sales and maturities of short-term investments to help fund $17.8 million of net cash used in operating activities, $4.8 million of common stock repurchases, and a $60.8 million increase in cash and cash equivalents.
Current wording
In the nine months ended September 30, 2023, we used $36.1 million of net proceeds from the sales and maturities of short-term investments to help fund $29.2 million of net cash used in operating activities and $5.2 million of common stock repurchases.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2024 increased by $83.7 million compared to the same period in 2023. The increase is primarily driven by the impact of the Merger, reflecting expanded global operations, as well as significant transaction, integration, and restructuring costs.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2024 increased by $100.2 million compared to the same period in 2023. The increase is primarily driven by the impact of the Merger, reflecting expanded global operations, as well as significant transaction, integration, and restructuring costs.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2024 was $368.3 million compared to $83.3 million used in the six months ended June 30, 2023. The six months ended June 30, 2024 primarily reflects $280.0 million of cash and restricted cash acquired in the Merger, and $91.0 million of proceeds from sales and maturities of short-term investments, net of purchases. The six months ended June 30, 2023 primarily reflects $85.1 million of proceeds from sales and maturities of short-term investments, net of purchases.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2024 was $337.4 million compared to $33.4 million used in the nine months ended September 30, 2023. The nine months ended September 30, 2024 primarily reflects $280.0 million of cash and restricted cash acquired in the Merger, and $62.4 million of proceeds from sales and maturities of short-term investments, net of purchases. The nine months ended September 30, 2023 primarily reflects $36.1 million of proceeds from sales and maturities of short-term investments, net of purchases.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We work with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy.