$PACB

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

CIK:0001299130|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 39,007	$ 39,766	$ 76,185	$ 76,919
Cost of Revenue:
Amortization of acquired intangible assets	183	183	366	4,528
Loss on purchase commitment	0	24	0	4,092
Total cost of revenue	26,369	25,082	50,706	63,606
Gross profit	12,638	14,684	25,479	13,313
Operating Expense:
Research and development	23,022	22,529	42,630	51,582
Sales, general and administrative	33,393	36,175	64,546	76,343
Impairment charges	0	0	0	15,000
Settlement charges	0	0	15,400	0
Gain on disposal of assets	0	0	(45,796)	0
Amortization of acquired intangible assets	833	833	1,666	362,875
Change in fair value of contingent consideration	0	0	0	(18,700)
Total operating expense	57,248	59,537	78,446	487,100
Operating loss	(44,610)	(44,853)	(52,967)	(473,787)
Interest expense	(2,110)	(1,738)	(3,850)	(3,475)
Other income, net	2,037	4,696	4,043	8,990
Loss before income taxes	(44,683)	(41,895)	(52,774)	(468,272)
Income tax provision (benefit)	58	35	242	(267)
Net loss	(44,741)	(41,930)	(53,016)	(468,005)
Other comprehensive loss:
Unrealized loss on investments	(356)	(114)	(960)	(155)
Comprehensive loss	$ (45,097)	$ (42,044)	$ (53,976)	$ (468,160)
Net loss per share:
Basic (in dollars per share)	$ (0.14)	$ (0.14)	$ (0.17)	$ (1.57)
Diluted (in dollars per share)	$ (0.14)	$ (0.14)	$ (0.17)	$ (1.57)
Weighted average shares outstanding used in calculating net loss per share:
Basic (in shares)	310,655	300,162	308,250	298,519
Diluted (in shares)	310,655	300,162	308,250	298,519
Product revenue
Revenue:
Total revenue	$ 32,950	$ 33,083	$ 64,484	$ 64,196
Cost of Revenue:
Cost of revenue	20,944	20,022	40,916	46,355
Service and other revenue
Revenue:
Total revenue	6,057	6,683	11,701	12,723
Cost of Revenue:
Cost of revenue	$ 5,242	$ 4,853	$ 9,424	$ 8,631

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (44,741)	$ (41,930)		$ (53,016)	$ (468,005)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation				4,521	7,790
Amortization of intangible assets				2,040	367,409
Amortization of right-of-use assets				1,513	2,162
Amortization of patent license				516	0
Share-based compensation expense				13,722	21,096
Impairment charges	0	0	$ 15,000	0	15,000	$ 40,000
Gain on disposal of assets				(48,100)	0
Accretion of discount on marketable securities, net				(515)	(2,982)
Change in the estimated fair value of contingent consideration	0	0		0	(18,700)
Inventory provision				1,417	8,542
Deferred income taxes				0	(546)
Other				450	1,059
Changes in assets and liabilities
Accounts receivable, net				4,344	(4,733)
Inventory, net				(14,467)	(3,868)
Prepaid expenses and other assets				(429)	6,809
Accounts payable				1,156	(505)
Accrued expenses				(1,763)	(2,407)
Deferred revenue				(423)	808
Operating lease liabilities				2,894	(1,730)
Other liabilities				5,866	(632)
Net cash used in operating activities				(80,274)	(73,433)
Cash flows from investing activities
Proceeds from disposal of assets				50,000	0
Payment for waiver of milestone obligation				(1,900)	0
Purchases of property and equipment				(4,598)	(1,939)
Purchases of intangible assets				(5,000)	(5,000)
Purchase of patent license				(2,056)	0
Purchases of investments				(57,547)	(117,992)
Maturities of investments				97,031	195,448
Net cash provided by investing activities				75,930	70,517
Cash flows from financing activities
Proceeds from issuance of common stock from equity plans				1,692	1,959
Net cash provided by financing activities				1,692	1,959
Net decrease in cash, cash equivalents, and restricted cash				(2,652)	(957)
Cash, cash equivalents, and restricted cash at beginning of period			$ 57,592	65,259	57,592
Cash, cash equivalents, and restricted cash at end of period	62,607	56,635		62,607	56,635	57,592
Cash and cash equivalents at end of period	61,003	54,803		61,003	54,803		$ 63,707
Restricted cash at end of period	1,604	1,832		1,604	1,832
Cash, cash equivalents, and restricted cash at end of period	$ 62,607	$ 56,635		62,607	56,635	$ 57,592	$ 65,259
Supplemental disclosure of non-cash investing and financing activities
Right-of-use asset and lease liability recognized due to lease extension				$ 0	$ 29,575

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 61,003	$ 63,707
Investments	175,870	215,799
Accounts receivable, net	31,104	35,448
Inventory, net	61,084	49,285
Prepaid expenses and other current assets	9,545	10,793
Short-term restricted cash	33	20
Total current assets	338,639	375,052
Property and equipment, net	26,972	24,146
Operating lease right-of-use assets, net	40,331	41,695
Long-term restricted cash	1,571	1,532
Intangible assets, net	13,084	15,124
Goodwill	317,761	317,761
Other long-term assets	13,492	8,773
Total assets	751,850	784,083
Current liabilities
Accounts payable	19,224	20,770
Accrued expenses	30,322	33,646
Deferred revenue, current	16,103	15,936
Operating lease liabilities, current	1,371	448
Other liabilities, current	1,786	2,031
Total current liabilities	68,806	72,831
Deferred revenue, non-current	3,339	3,929
Operating lease liabilities, non-current	60,424	56,592
Convertible senior notes, net, non-current	644,332	645,382
Other liabilities, non-current	8,162	0
Total liabilities	785,063	778,734
Commitments and contingencies
Stockholders’ (deficit) equity
Preferred stock	0	0
Common stock	311	302
Additional paid-in capital	2,715,297	2,699,892
Accumulated other comprehensive (loss) income	(503)	457
Accumulated deficit	(2,748,318)	(2,695,302)
Total stockholders’ (deficit) equity	(33,213)	5,349
Total liabilities and stockholders’ (deficit) equity	$ 751,850	$ 784,083