pacb-20200930x10q
false--12-31Q3202000012991300001299130us-gaap:CommonStockMember2019-07-012019-09-300001299130us-gaap:CommonStockMember2019-01-012019-09-300001299130us-gaap:CommonStockMember2020-07-012020-09-300001299130us-gaap:CommonStockMember2020-01-012020-09-300001299130us-gaap:RetainedEarningsMember2020-09-300001299130us-gaap:AdditionalPaidInCapitalMember2020-09-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001299130us-gaap:RetainedEarningsMember2020-06-300001299130us-gaap:AdditionalPaidInCapitalMember2020-06-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001299130srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310001299130us-gaap:RetainedEarningsMember2019-12-310001299130us-gaap:AdditionalPaidInCapitalMember2019-12-310001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001299130us-gaap:RetainedEarningsMember2019-09-300001299130us-gaap:AdditionalPaidInCapitalMember2019-09-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001299130us-gaap:RetainedEarningsMember2019-06-300001299130us-gaap:AdditionalPaidInCapitalMember2019-06-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-3000012991302019-06-300001299130us-gaap:RetainedEarningsMember2018-12-310001299130us-gaap:AdditionalPaidInCapitalMember2018-12-310001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeOneMember2020-01-012020-09-300001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeOneMember2019-01-012019-12-310001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeThreeMember2020-01-012020-09-300001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeOneMember2020-09-300001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeOneMember2019-12-310001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeFourMember2020-01-012020-09-300001299130us-gaap:EmployeeStockOptionMember2019-01-012019-12-310001299130us-gaap:EmployeeStockOptionMemberpacb:ExercisePriceRangeTwoMember2020-01-012020-09-300001299130pacb:EquityIncentivePlan2020Member2020-09-300001299130pacb:EmployeeStockPurchasePlanMember2020-09-300001299130pacb:EquityIncentivePlan2020Member2020-08-040001299130pacb:TwoThousandTenOutsideDirectorEquityIncentivePlanMember2020-01-012020-01-310001299130pacb:TwoThousandTenEquityIncentivePlanMember2020-01-012020-01-310001299130pacb:EmployeeStockPurchasePlanMember2020-01-012020-01-310001299130pacb:EmployeeStockPurchasePlanMember2019-04-012020-09-300001299130srt:MinimumMemberus-gaap:EmployeeStockOptionMember2020-01-012020-09-300001299130srt:MaximumMemberus-gaap:EmployeeStockOptionMember2020-01-012020-09-300001299130srt:MinimumMemberpacb:EmployeeStockPurchasePlanMember2019-01-012019-09-300001299130srt:MaximumMemberpacb:EmployeeStockPurchasePlanMember2019-01-012019-09-300001299130srt:MinimumMemberpacb:EmployeeStockPurchasePlanMember2020-07-012020-09-300001299130srt:MaximumMemberpacb:EmployeeStockPurchasePlanMember2020-07-012020-09-300001299130srt:MinimumMemberpacb:EmployeeStockPurchasePlanMember2020-01-012020-09-300001299130srt:MaximumMemberpacb:EmployeeStockPurchasePlanMember2020-01-012020-09-300001299130us-gaap:EmployeeStockOptionMember2019-07-012019-09-300001299130pacb:EmployeeStockPurchasePlanMember2019-07-012019-09-300001299130us-gaap:EmployeeStockOptionMember2019-01-012019-09-300001299130pacb:EmployeeStockPurchasePlanMember2019-01-012019-09-300001299130pacb:TimeBasedRestrictedStockUnitsRsusMember2020-09-300001299130pacb:PerformanceBasedRestrictedStockUnitsRsusMember2020-09-300001299130pacb:TimeBasedRestrictedStockUnitsRsusMember2019-12-310001299130pacb:PerformanceBasedRestrictedStockUnitsRsusMember2019-12-310001299130us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001299130pacb:TimeBasedRestrictedStockUnitsRsusMember2020-07-012020-09-300001299130pacb:PerformanceBasedRestrictedStockUnitsRsusMember2020-07-012020-09-300001299130pacb:EmployeeStockPurchasePlanMember2020-07-012020-09-300001299130us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001299130pacb:TimeBasedRestrictedStockUnitsRsusMember2020-01-012020-09-300001299130pacb:PerformanceBasedRestrictedStockUnitsRsusMember2020-01-012020-09-300001299130pacb:EmployeeStockPurchasePlanMember2020-01-012020-09-300001299130pacb:TerminationAgreementMember2020-01-012020-09-300001299130us-gaap:ServiceMember2020-07-012020-09-300001299130us-gaap:ServiceMember2020-01-012020-09-300001299130srt:NorthAmericaMember2020-07-012020-09-300001299130srt:EuropeMember2020-07-012020-09-300001299130srt:AsiaPacificMember2020-07-012020-09-300001299130pacb:InstrumentMember2020-07-012020-09-300001299130pacb:ConsumableMember2020-07-012020-09-300001299130srt:NorthAmericaMember2020-01-012020-09-300001299130srt:EuropeMember2020-01-012020-09-300001299130srt:AsiaPacificMember2020-01-012020-09-300001299130pacb:InstrumentMember2020-01-012020-09-300001299130pacb:ConsumableMember2020-01-012020-09-300001299130srt:NorthAmericaMember2019-07-012019-09-300001299130srt:EuropeMember2019-07-012019-09-300001299130srt:AsiaPacificMember2019-07-012019-09-300001299130pacb:InstrumentMember2019-07-012019-09-300001299130pacb:ConsumableMember2019-07-012019-09-300001299130srt:NorthAmericaMember2019-01-012019-09-300001299130srt:EuropeMember2019-01-012019-09-300001299130srt:AsiaPacificMember2019-01-012019-09-300001299130pacb:InstrumentMember2019-01-012019-09-300001299130pacb:ConsumableMember2019-01-012019-09-3000012991302020-05-0100012991302019-05-0100012991302019-03-3100012991302015-10-3100012991302020-02-012020-02-2900012991302020-01-022020-01-020001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001299130us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001299130us-gaap:RetainedEarningsMember2020-07-012020-09-300001299130us-gaap:RetainedEarningsMember2020-01-012020-09-300001299130us-gaap:RetainedEarningsMember2019-07-012019-09-300001299130us-gaap:RetainedEarningsMember2019-01-012019-09-300001299130pacb:ObrienLeaseAgreementMember2015-07-220001299130pacb:ObrienDriveMenloParkCaliforniaMember2020-09-300001299130us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-09-300001299130us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-09-300001299130pacb:USTreasurySecuritiesNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-09-300001299130pacb:UsGovernmentCorporationsAndAgenciesSecuritiesNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2020-09-300001299130us-gaap:CorporateDebtSecuritiesMember2020-09-300001299130us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2020-09-300001299130pacb:USTreasurySecuritiesNotIncludedWithCashAndCashEquivalentsMember2020-09-300001299130pacb:UsGovernmentCorporationsAndAgenciesSecuritiesNotIncludedWithCashAndCashEquivalentsMember2020-09-300001299130us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001299130us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2019-12-310001299130us-gaap:CorporateDebtSecuritiesMember2019-12-310001299130us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2019-12-3100012991302020-05-012020-05-3100012991302019-01-012019-12-310001299130us-gaap:MeasurementInputDiscountRateMember2019-12-310001299130pacb:UnderwritingAgreementMember2020-09-300001299130pacb:ObrienLeaseAgreementMemberus-gaap:PrimeRateMember2015-07-222015-07-220001299130us-gaap:ProductMember2020-07-012020-09-300001299130pacb:ServiceAndOtherMember2020-07-012020-09-300001299130us-gaap:ProductMember2020-01-012020-09-300001299130pacb:ServiceAndOtherMember2020-01-012020-09-300001299130us-gaap:ProductMember2019-07-012019-09-300001299130pacb:ServiceAndOtherMember2019-07-012019-09-300001299130us-gaap:ProductMember2019-01-012019-09-300001299130pacb:ServiceAndOtherMember2019-01-012019-09-300001299130us-gaap:ServiceMember2020-09-300001299130pacb:CustomerBMemberus-gaap:SalesRevenueNetMember2020-07-012020-09-300001299130pacb:CustomerBMemberus-gaap:SalesRevenueNetMember2020-01-012020-09-300001299130pacb:CustomerBMemberus-gaap:SalesRevenueNetMember2019-07-012019-09-300001299130pacb:CustomerBMemberus-gaap:SalesRevenueNetMember2019-01-012019-09-300001299130us-gaap:CommonStockMember2020-09-300001299130us-gaap:CommonStockMember2020-06-300001299130us-gaap:CommonStockMember2019-12-310001299130us-gaap:CommonStockMember2019-09-300001299130us-gaap:CommonStockMember2019-06-300001299130us-gaap:CommonStockMember2018-12-3100012991302018-12-310001299130us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-09-300001299130us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2020-09-300001299130pacb:CashAndMoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2020-09-300001299130us-gaap:USTreasurySecuritiesMember2020-09-300001299130us-gaap:CommercialPaperMember2020-09-300001299130pacb:CashAndMoneyMarketFundsMember2020-09-300001299130us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2019-12-310001299130pacb:CashAndMoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2019-12-310001299130us-gaap:CommercialPaperMember2019-12-310001299130pacb:CashAndMoneyMarketFundsMember2019-12-3100012991302019-09-3000012991302020-06-3000012991302020-03-310001299130us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001299130pacb:TimeBasedRestrictedStockUnitsRsusMember2020-01-012020-09-300001299130pacb:PerformanceBasedRestrictedStockUnitsRsusMember2020-01-012020-09-300001299130us-gaap:EmployeeStockOptionMember2019-01-012019-09-300001299130pacb:TimeBasedRestrictedStockUnitsRsusMember2019-01-012019-09-300001299130pacb:PerformanceBasedRestrictedStockUnitsRsusMember2019-01-012019-09-300001299130us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-07-012020-09-300001299130us-gaap:ResearchAndDevelopmentExpenseMember2020-07-012020-09-300001299130us-gaap:CostOfSalesMember2020-07-012020-09-300001299130us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-09-300001299130us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-09-300001299130us-gaap:CostOfSalesMember2020-01-012020-09-300001299130us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-07-012019-09-300001299130us-gaap:ResearchAndDevelopmentExpenseMember2019-07-012019-09-300001299130us-gaap:CostOfSalesMember2019-07-012019-09-300001299130us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-09-300001299130us-gaap:ResearchAndDevelopmentExpenseMember2019-01-012019-09-300001299130us-gaap:CostOfSalesMember2019-01-012019-09-300001299130us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-3000012991302020-07-012020-09-300001299130us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001299130us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-3000012991302019-07-012019-09-300001299130us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-3000012991302020-01-010001299130srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2019-12-3100012991302020-01-012020-03-3100012991302019-10-012020-03-3100012991302019-10-012019-12-310001299130pacb:UnderwritingAgreementMember2020-08-012020-08-3100012991302020-04-012020-04-300001299130pacb:UnderwritingAgreementMember2020-08-310001299130pacb:PacbioIprPetitionsMember2020-06-222020-06-2200012991302019-01-012019-09-300001299130pacb:ObrienLeaseAgreementMember2015-07-222015-07-220001299130us-gaap:ServiceMembersrt:MinimumMember2020-01-012020-09-300001299130us-gaap:FairValueInputsLevel3Member2020-09-300001299130us-gaap:FairValueInputsLevel2Member2020-09-300001299130us-gaap:FairValueInputsLevel1Member2020-09-300001299130us-gaap:FairValueInputsLevel3Member2019-12-310001299130us-gaap:FairValueInputsLevel2Member2019-12-310001299130us-gaap:FairValueInputsLevel1Member2019-12-310001299130us-gaap:USTreasurySecuritiesMember2020-09-300001299130us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300001299130us-gaap:InvestmentsMember2020-09-300001299130us-gaap:CorporateDebtSecuritiesMember2020-09-300001299130us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2020-09-300001299130us-gaap:CommercialPaperMember2020-09-300001299130us-gaap:CashAndCashEquivalentsMember2020-09-300001299130pacb:USTreasurySecuritiesNotIncludedWithCashAndCashEquivalentsMember2020-09-300001299130pacb:LongTermRestrictedCashMember2020-09-300001299130pacb:CashAndMoneyMarketFundsMember2020-09-300001299130us-gaap:InvestmentsMember2019-12-310001299130us-gaap:CorporateDebtSecuritiesMember2019-12-310001299130us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMember2019-12-310001299130us-gaap:CommercialPaperMember2019-12-310001299130us-gaap:CashAndCashEquivalentsMember2019-12-310001299130pacb:LongTermRestrictedCashMember2019-12-310001299130pacb:CashAndMoneyMarketFundsMember2019-12-3100012991302019-12-310001299130pacb:ShelfRegistrationStatementMember2020-06-3000012991302020-09-300001299130pacb:ShelfRegistrationStatementMember2020-07-142020-07-1400012991302020-10-3100012991302020-01-012020-09-30iso4217:USDxbrli:sharespacb:itemxbrli:pureiso4217:USDxbrli:shares

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

Or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number 001-34899

 

Pacific Biosciences of California, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

16-1590339

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1305 O’Brien Drive

Menlo Park, CA

94025

(Address of principal executive offices)

(Zip Code)

(650521-8000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

PACB

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes T   No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  T No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

T

Accelerated Filer

o

Non-accelerated Filer

o

Smaller Reporting Company

o

Emerging Growth Company

o


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No   T

Number of shares outstanding of the issuer’s common stock as of October 31, 2020: 180,212,604.  


2


TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

PAGE No

Item 1. Financial Statements (unaudited):

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

4

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and NineMonths Ended September 30, 2020 and 2019

5

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019

6

Condensed Consolidated Statements of Cash Flows for the NineMonths Ended September 30, 2020 and 2019

7

Notes to Condensed Consolidated Financial Statements

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3. Quantitative and Qualitative Disclosures About Market Risk

29

Item 4. Controls and Procedures

29

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

30

Item 1A. Risk Factors

30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 3. Default Upon Senior Securities

54

Item 4. Mine Safety Disclosures

54

Item 5. Other Information

54

Item 6. Exhibits

54

3


PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

September 30,

December 31,

(in thousands, except per share amounts)

2020

2019

Assets

Current assets

Cash and cash equivalents

$

69,028

$

29,627

Investments

139,522

19,472

Accounts receivable

11,806

15,266

Inventory

15,940

13,312

Prepaid expenses and other current assets

3,212

3,369

Total current assets

239,508

81,046

Property and equipment, net

26,568

30,070

Operating lease right-of-use assets, net

30,700

32,827

Long-term restricted cash

3,500

4,000

Other long-term assets

42

42

Total assets

$

300,318

$

147,985

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

5,406

$

8,368

Accrued expenses

15,079

13,242

Deferred revenue, current

6,982

7,610

Operating lease liabilities, current

4,217

3,837

Notes payable, current

15,871

Deferred gain from Reverse Termination Fee

98,000

Other liabilities, current

584

225

Total current liabilities

130,268

49,153

Deferred revenue, non-current

1,761

1,951

Operating lease liabilities, non-current

38,793

41,964

Total liabilities

170,822

93,068

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 179,937 shares and 153,119 shares at September 30, 2020 and December 31, 2019, respectively

180

153

Additional paid-in capital

1,241,002

1,120,999

Accumulated other comprehensive income

118

5

Accumulated deficit

(1,111,804)

(1,066,240)

Total stockholders’ equity

129,496

54,917

Total liabilities and stockholders’ equity

$

300,318

$

147,985

See accompanying notes to the condensed consolidated financial statements.

4


PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands, except per share amounts)

2020

2019

2020

2019

Revenue:

Product revenue

$

15,749

$

18,484

$

41,798

$

53,191

Service and other revenue

3,333

3,431

9,959

9,770

Total revenue

19,082

21,915

51,757

62,961

Cost of revenue:

Cost of product revenue

9,228

12,188

22,874

32,786

Cost of service and other revenue

2,790

2,813

7,718

8,531

Total cost of revenue

12,018

15,001

30,592

41,317

Gross profit

7,064

6,914

21,165

21,644

Operating expense:

Research and development

16,467

14,962

46,727

45,357

Sales, general and administrative

14,772

20,066

54,846

58,915

Total operating expense

31,239

35,028

101,573

104,272

Operating loss

(24,175)

(28,114)

(80,408)

(82,628)

Gain from Continuation Advances

34,000

Interest expense

(664)

(267)

(1,933)

Other income (expense), net

467

(345)

1,143

518

Net loss

(23,708)

(29,123)

(45,532)

(84,043)

Other comprehensive income (loss):

Unrealized income (loss) on investments

(125)

(6)

113

47

Comprehensive loss

$

(23,833)

$

(29,129)

$

(45,419)

$

(83,996)

Net loss per share:

Basic and diluted net loss per share

$

(0.14)

$

(0.19)

$

(0.29)

$

(0.55)

Shares used in computing basic and diluted net loss per share

166,862

152,983

158,195

152,351

See accompanying notes to the condensed consolidated financial statements.


5


PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

Accumulated

Additional

Other

Total

Paid-in

Comprehensive

Accumulated

Stockholders'

(in thousands)

Common Stock

Capital

Income (Loss)

Deficit

Equity

For the three months ended September 30, 2020

Balance at June 30, 2020

154,318 

$

154 

$

1,129,091 

$

243 

$

(1,088,096)

$

41,392 

Net loss

(23,708)

(23,708)

Other comprehensive loss

(125)

(125)

Issuance of common stock in conjunction with equity plans

3,274 

3 

13,344 

13,347 

Issuance of common stock from Underwritten Public Equity Offering, net of issuance costs

22,345 

23 

93,575 

93,598 

Stock-based compensation expense

4,992 

4,992 

Balance at September 30, 2020

179,937 

$

180 

$

1,241,002 

$

118 

$

(1,111,804)

$

129,496 

For the three months ended September 30, 2019

Balance at June 30, 2019

152,959 

$

153 

$

1,112,610 

$

17 

$

(1,037,026)

$

75,754 

Net loss

(29,123)

(29,123)

Other comprehensive loss

(6)

(6)

Issuance of common stock in conjunction with equity plans

72 

327 

327 

Stock-based compensation expense

4,062 

4,062 

Balance at September 30, 2019

153,031 

$

153 

$

1,116,999 

$

11 

$

(1,066,149)

$

51,014 

For the nine months ended September 30, 2020

Balance at December 31, 2019

153,119 

$

153 

$

1,120,999 

$

5 

$

(1,066,240)

$

54,917 

Net loss

(45,532)

(45,532)

Other comprehensive income

113 

113 

Adoption effect of Topic 326

(32)

(32)

Issuance of common stock from Underwritten Public Equity Offering, net of issuance costs

22,345 

23 

93,575 

93,598 

Issuance of common stock in conjunction with equity plans

4,473 

4 

14,170 

14,174 

Stock-based compensation expense

12,258 

12,258 

Balance at September 30, 2020

179,937 

$

180 

$

1,241,002 

$

118 

$

(1,111,804)

$

129,496 

For the nine months ended September 30, 2019