Invitae Corp

CIK:0001501134|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 121,241	$ 133,536	$ 359,129	$ 393,849
Operating expenses:
Cost of revenue	82,186	116,956	258,102	324,412
Research and development	58,336	87,177	184,138	330,559
Selling and marketing	37,999	49,193	127,241	172,086
General and administrative	45,619	44,939	160,826	147,221
Goodwill and IPR&D impairment	0	0	0	2,313,047
Restructuring, impairment and other costs	877,289	125,222	1,010,843	130,039
Total operating expenses	1,101,429	423,487	1,741,150	3,417,364
Loss from operations	(980,188)	(289,951)	(1,382,021)	(3,023,515)
Other income (expense), net:
Gain (loss) on extinguishment of debt, net	229	0	(10,593)	0
Debt issuance costs	(845)	0	(20,704)	0
Change in fair value of convertible senior secured notes	33,463	0	72,386	0
Change in fair value of acquisition-related liabilities	70	(527)	337	15,666
Other income, net	4,843	2,399	15,105	3,971
Total other income, net	37,760	1,872	56,531	19,637
Interest expense	(5,850)	(14,145)	(23,366)	(42,149)
Net loss before taxes	(948,278)	(302,224)	(1,348,856)	(3,046,027)
Income tax benefit	6,171	1,068	8,055	39,551
Net loss	$ (942,107)	$ (301,156)	$ (1,340,801)	$ (3,006,476)
Net (loss) income per share, basic (in dollars per share)	$ (3.42)	$ (1.27)	$ (5.09)	$ (12.91)
Net (loss) income per share, diluted (in dollars per share)	$ (3.42)	$ (1.27)	$ (5.09)	$ (12.91)
Shares used in computing net loss per share, basic	275,604	237,974	263,210	232,889
Shares used in computing net loss per share, diluted	275,604	237,974	263,210	232,889
Test revenue
Revenue:
Total revenue	$ 117,561	$ 128,839	$ 346,127	$ 381,518
Other revenue
Revenue:
Total revenue	$ 3,680	$ 4,697	$ 13,002	$ 12,331

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (1,340,801)	$ (3,006,476)
Adjustments to reconcile net loss to net cash used in operating activities:
Goodwill and IPR&D impairment	0	2,313,047
Impairments and losses on disposals of long-lived assets, net	1,012,360	60,317
Depreciation and amortization	100,403	104,726
Stock-based compensation	85,554	164,314
Amortization of debt discount and issuance costs	5,483	11,676
Loss on extinguishment of debt, net	10,593	0
Debt issuance costs	20,704	0
Change in fair value of convertible senior secured notes	(72,386)	0
Remeasurements of liabilities associated with business combinations	(337)	(15,666)
Benefit from income taxes	(8,055)	(39,551)
Post-combination expense for acceleration of unvested equity and deferred stock compensation	1,789	4,980
Amortization of premiums and discounts on investment securities	(6,259)	603
Non-cash lease expense	9,309	6,832
Other	2,211	(1,314)
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable	13,641	(22,903)
Inventory	8,759	3,614
Prepaid expenses and other current assets	(196)	9,012
Other assets	(139)	2,740
Accounts payable	8,135	(6,345)
Accrued expenses and other long-term liabilities	(6,966)	(540)
Net cash used in operating activities	(156,198)	(410,934)
Cash flows from investing activities:
Purchases of marketable securities	(231,044)	(789,622)
Proceeds from maturities of marketable securities	430,440	541,313
Purchases of property and equipment	(4,669)	(48,385)
Proceeds from sale of property and equipment	332	0
Net cash provided by (used in) investing activities	195,059	(296,694)
Cash flows from financing activities:
(Loss) proceeds from public offerings of common stock, net of issuance costs	(55)	9,658
Proceeds from issuance of common stock, net	2,170	6,267
Proceeds from issuance of Series B convertible senior secured notes due 2028	30,001	0
Payments for debt issuance costs and prepayment fees	(25,974)	0
Repayment of debt	(135,000)	0
Finance lease principal payments	(3,886)	(4,184)
Settlement of acquisition obligations	(5,529)	(10,582)
Net cash (used in) provided by financing activities	(138,273)	1,159
Net decrease in cash, cash equivalents and restricted cash	(99,412)	(706,469)
Cash, cash equivalents and restricted cash at beginning of period	267,519	933,525
Cash, cash equivalents and restricted cash at end of period	168,107	227,056
Supplemental cash flow information of non-cash investing and financing activities:
Equipment acquired through finance leases	0	4,472
Purchases of property and equipment in accounts payable and accrued liabilities	764	2,531
Common stock issued for settlement of hold-back liabilities	413	4,274
Exchange of convertible senior notes due 2024	(320,039)	0
Exchange for convertible senior secured notes due 2028	301,171	0
Operating lease assets obtained in exchange for lease obligations, net	$ 0	$ 4,495

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 158,007	$ 257,489
Marketable securities	96,566	289,611
Accounts receivable	82,507	96,148
Inventory	21,627	30,386
Prepaid expenses and other current assets	19,692	19,496
Total current assets	378,399	693,130
Property and equipment, net	65,446	108,723
Operating lease assets	61,639	106,563
Restricted cash	10,100	10,030
Intangible assets, net	0	1,012,549
Other assets	19,531	23,121
Total assets	535,115	1,954,116
Current liabilities:
Accounts payable	25,185	13,984
Accrued liabilities	84,729	74,388
Operating lease obligations	17,650	14,600
Finance lease obligations	3,948	5,121
Total current liabilities	158,419	108,093
Operating lease obligations, net of current portion	134,945	134,386
Finance lease obligations, net of current portion	855	3,780
Convertible senior notes, net current portion	26,907	0
Debt	0	122,333
Convertible senior notes, net	1,127,830	1,470,783
Convertible senior secured notes (at fair value)	196,244	0
Deferred tax liability	0	8,130
Other long-term liabilities	226	4,775
Total liabilities	1,618,519	1,852,280
Commitments and contingencies
Stockholders’ (deficit) equity:
Common stock	29	25
Accumulated other comprehensive income (loss)	25,378	(80)
Additional paid-in capital	5,061,131	4,931,032
Accumulated deficit	(6,169,942)	(4,829,141)
Total stockholders’ (deficit) equity	(1,083,404)	101,836
Total liabilities and stockholders’ (deficit) equity	$ 535,115	$ 1,954,116