Financial Highlights
For the third quarter of 2010, the Company reported net losses of
Research and development expenses in the third quarter of 2010 totaled
Cash and investments at
The Company had a backlog of approximately
Highlights of Limited Production Release Program
As of today, the Company has shipped all eleven systems included in its beta testing, or Limited Production Release program. Of those eleven systems, ten have been installed and eight have been accepted. The system performance specifications for the limited production release program include:
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Average readlength of 500 to 550 bases
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99.99% Consensus accuracy
- 80% to 85% Single molecule raw read accuracy
The installed beta systems have met these performance specifications.
Conference Call
Pacific Biosciences will host a conference call for investors on
About Pacific Biosciences
Pacific Biosciences' mission is to transform the way humankind acquires, processes and interprets data from living systems through the design, development and commercialization of innovative tools for biological research. The company has developed a novel approach to studying the synthesis and regulation of DNA, RNA and proteins. Combining recent advances in nanofabrication, biochemistry, molecular biology, surface chemistry and optics, Pacific Biosciences has created a powerful technology platform called single molecule, real-time, or
| CONTACTS: | |
| Trevin Rard | Ben Gong |
| 650.521.8450 | 650.521.8203 |
| ir@pacificbiosciences.com |
Forward-Looking Statements
This press release contains forward-looking statements relating to the company's operations and operating results, including the statement that the Company plans to begin selling the PacBio RS during the first half of 2011 . You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results. Factors that could materially affect actual results can be found in Pacific Biosciences of
| Pacific Biosciences of California, Inc. | |||
| Consolidated Balance Sheets | |||
| (Unaudited, in thousands) | |||
|
September 30, 2010 |
June 30, 2010 |
December 31, 2009 |
|
| Assets | |||
| Cash and investments | $112,932 | $138,756 | $92,735 |
| Accounts receivable | 1,052 | -- | -- |
| Prepaids and other current assets | 3,302 | 1,251 | 1,010 |
| Total current assets | 117,286 | 140,007 | 93,745 |
| Property and equipment | 12,350 | 12,669 | 7,142 |
| Other assets | 300 | 221 | 211 |
| Total assets | $129,936 | $152,897 | $101,098 |
| Liabilities and Stockholders Deficit | |||
| Accounts payable | $13,211 | $7,613 | $5,778 |
| Deferred revenue | 1,052 | -- | -- |
| Accrueds and other current liabilities | 8,650 | 8,498 | 2,641 |
| Total current liabilities | 22,913 | 16,111 | 8,419 |
| Faciltiy financing and deferred rent | 5,056 | 5,118 | 475 |
| Preferred stock warrant liability | 292 | 282 | 226 |
| Convertible preferred stock | 374,975 | 367,036 | 269,101 |
| Stockholders' deficit | (273,300) | (235,650) | (177,123) |
| Total Liabilities and Stockholders' Equity | $129,936 | $152,897 | $101,098 |
| Pacific Biosciences of California, Inc. | ||
| Consolidated Statements of Operations | ||
| (Unaudited, in thousands) | ||
| Quarter ended | ||
|
September 30, 2010 |
September 30, 2009 |
|
| Grant revenue | $220 | $ -- |
| Operating expenses | ||
| Research and development | 32,873 | 21,121 |
| Sales, general and administrative | 8,043 | 3,447 |
| Total operating expense | 40,916 | 24,568 |
| Operating loss | (40,696) | (24,568) |
| Other income (expense), net | (12) | 39 |
| Net Loss | $ (40,708) | $ (24,529) |
| Basic and diluted net loss per share | $ (39.70) | $ (46.74) |
|
Shares used in computing basic and net loss per share |
1,025,326 | 524,840 |
| Pacific Biosciences of California, Inc. | ||
| Consolidated Statements of Operations | ||
| (Unaudited, in thousands) | ||
| Year-to-date September 30, | ||
| 2010 | 2009 | |
| Grant revenue | $1,394 | $ -- |
| Operating expenses | ||
| Research and development | 85,279 | 51,211 |
| Sales, general and administrative | 19,760 | 8,785 |
| Total operating expense | 105,039 | 59,996 |
| Operating loss | (103,645) | (59,996) |
| Other income (expense), net | (102) | 356 |
| Net Loss | $ (103,747) | $ (59,640) |
| Basic and diluted net loss per share | $ (134.07) | $ (122.34) |
|
Shares used in computing basic and net loss per share |
773,839 | 487,483 |
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