PACIFIC BIOSCIENCES OF CALIFORNIA INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
PACB$2.24-5.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net loss | $(306,735) | $(314,248) | $(181,223) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Loss (gain) from Continuation Advances | — | — | 52,000 |
| Depreciation | 11,463 | 9,480 | 7,199 |
| Amortization of intangible assets | 8,261 | 913 | 381 |
| Amortization of right-of-use assets | 6,810 | 6,925 | 4,005 |
| Share-based compensation | 72,118 | 78,613 | 73,355 |
| Merger-related compensation expense | 3,395 | — | — |
| Loss on extinguishment of debt | 2,033 | — | — |
| Amortization of premium and accretion of discount on marketable securities, net | (12,840) | (244) | 4,011 |
| Change in the estimated fair value of contingent consideration | 15,060 | 2,377 | 1,143 |
| Inventory provision | 10,584 | 6,027 | 678 |
| Deferred income taxes | (11,424) | — | (93,649) |
| Other | 1,059 | 918 | 593 |
| Changes in assets and liabilities | |||
| Accounts receivable, net | (17,829) | 5,455 | (7,166) |
| Inventory, net | (13,841) | (33,906) | (13,109) |
| Prepaid expenses and other assets | (8,984) | (12,324) | (1,024) |
| Accounts payable | 206 | 1,025 | 6,363 |
| Accrued expenses | 13,103 | (3,651) | 15,320 |
| Deferred revenue | (10,420) | (3,734) | 25,736 |
| Operating lease liabilities | (8,759) | (7,724) | (4,990) |
| Contingent consideration liability | (14,882) | — | — |
| Other liabilities | 2,449 | 887 | (803) |
| Net cash used in operating activities | (259,173) | (263,211) | (111,180) |
| Cash flows from investing activities | |||
| Purchase of property and equipment | (8,843) | (16,750) | (5,931) |
| Purchase of intangible assets | — | (179) | — |
| Cash paid for purchases of acquired entities, net of cash acquired | (102) | — | (319,793) |
| Purchase of investments | (756,567) | (442,788) | (988,046) |
| Sales of investments | 595 | — | 212,734 |
| Maturities of investments | 769,521 | 575,800 | 422,505 |
| Net cash provided by (used in) in investing activities | 4,604 | 116,083 | (678,531) |
| Cash flows from financing activities | |||
| Continuation Advances | — | — | (52,000) |
| Proceeds from issuance of Convertible Senior Notes, net of issuance costs | — | — | 895,536 |
| Proceeds from issuance of common stock under equity offerings, net of issuance costs | 189,200 | — | 294,845 |
| Proceeds from issuance of common stock from equity plans | 15,319 | 11,230 | 31,806 |
| Payment of debt issuance costs | (7,375) | — | — |
| Payment of contingent consideration | (86,411) | — | — |
| Notes payable principal payoff | (1,842) | (1,608) | (361) |
| Other | — | — | (245) |
| Net cash provided by financing activities | 108,891 | 9,622 | 1,169,581 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (145,678) | (137,506) | 379,870 |
| Cash, cash equivalents, and restricted cash at beginning of period | 328,311 | 465,817 | 85,947 |
| Cash, cash equivalents, and restricted cash at end of period | $182,633 | $328,311 | $465,817 |
| Cash and cash equivalents at end of period | 179,911 | 325,089 | 460,725 |
| Restricted cash at end of period | 2,722 | 3,222 | 5,092 |
| Cash, cash equivalents, and restricted cash at end of period | $182,633 | $328,311 | $465,817 |
| Supplemental disclosure of cash flow information | |||
| Interest paid | $15,687 | $14,049 | $6,928 |
| Supplemental disclosure of non-cash investing and financing activities | |||
| Inventory transferred to property and equipment | $3,984 | $2,812 | $2,586 |
| Property and equipment transferred to inventory | $(7,022) | $(715) | $(383) |
| Right-of-use asset and liability additions and modifications | $— | $— | $2,576 |
| Issuance of common stock in acquisition of Apton and Omniome | $76,642 | $— | $237,885 |
| Issuance of common stock in connection with Apton liquidity event bonus plan | $2,111 | $— | $— |
| Convertible Senior Notes exchange | $441,000 | $— | $— |
| Issuance of common stock following milestone achievement | $84,761 | $— | $— |
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