11 unchanged sentences
Our future ability to pay cash dividends on our common stock may also be limited by the terms of any future debt securities, preferred stock or credit facility.
−Removed: Recent sales of unregistered equity securities
−Removed: During the fiscal year ended December 31, 2019, we had the following unregistered securities transactions:
−Removed: We granted stock options to purchase an aggregate of 3,890,331 shares of our common stock, with exercise prices ranging from $7.27 to $9.62 per share, to certain of our employees and directors in connection with services provided to us by such persons.
−Removed: We issued an aggregate of 883,845 shares of our common stock to our employees and consultants upon their exercise of stock options, for aggregate cash consideration of approximately $1.9 million.
−Removed: We issued an aggregate of 249,643 shares of our Series E-1 preferred stock, which automatically converted into the same number of shares of our common stock upon the closing of our initial public offering, to our employees and consultants upon their exercise of stock options, for aggregate cash consideration of approximately $0.1 million.
−Removed: We issued an aggregate of 54,792 shares of our common stock upon the exercise of common stock warrants, for aggregate consideration of $9,000 in cash and, through a cashless exercise, surrender of the right to acquire 240 shares of our common stock.
−Removed: The issuances of the securities described above occurred from January 1, 2019 to July 1, 2019 and were exempt from registration pursuant to Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering or Rule 701 promulgated under the Securities Act as transactions pursuant to compensatory benefit plans.
−Removed: The shares of common stock issued upon the exercise of options and warrants are deemed to be restricted securities for purposes of the Securities Act.
−Removed: Use of proceeds from our initial public offering of common stock
−Removed: On July 1, 2019, we closed our initial public offering, in which we issued and sold 17,250,000 shares of our common stock, including the full exercise of the underwriters’ over-allotment option, at a public offering price of $20.00 per share for an aggregate offering price of $345.0 million.
−Removed: All of the shares of common stock issued and sold in the offering were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No.
−Removed: 333-231838), which was declared effective by the SEC on June 26, 2019.
−Removed: Cash used since the initial public offering is as described in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our periodic reports filed with the SEC.
−Removed: There has been no material change in the planned use of proceeds from our initial public offering as described in our prospectus dated June 26, 2019 filed with the SEC on June 27, 2019 in connection with our initial public offering.
Stock performance graph
6 unchanged sentences
Selected Financial Data
−Removed: The selected financial data set forth below should be read together with our financial statements and the related notes to those statements, as well as the “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” section included elsewhere in this Annual Report on Form 10-K.
−Removed: The statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the balance sheet data as of December 31, 2019 and 2018 have been derived from our financial statements included elsewhere in this Annual Report on Form 10-K.
−Removed: The balance sheet data as of December 31, 2017 is derived from our audited financial statements appearing at the end of our prospectus dated June 26, 2019 filed with the SEC on June 27, 2019 in connection with our initial public offering.
−Removed: Our historical results are not necessarily indicative of the results that may be expected in the future.
−Removed: Year Ended December 31,
−Removed: (in thousands, except share and per share amounts)
−Removed: Statements of Operations Data:
−Removed: Sequencing revenue
−Removed: Development revenue
−Removed: Total revenue
−Removed: Operating expenses
−Removed: Cost of revenue
−Removed: Research and development
−Removed: Sales and marketing
−Removed: General and administrative
−Removed: Amortization of intangible assets
−Removed: Restructuring
−Removed: Total operating expenses
−Removed: Loss from operations
−Removed: Interest and other income, net
−Removed: Fair value adjustment to Series E-1 convertible preferred
−Removed: stock options
−Removed: Net loss attributable to common shareholders
−Removed: Net loss per share attributable to common shareholders, basic and diluted (1)
−Removed: Weighted-average shares used in computing net loss per share attributable
−Removed: to common shareholders, basic and diluted
−Removed: Other Financial and Operating Data:
−Removed: Adjusted EBITDA (2)
−Removed: See Note 15 to our financial statements appearing elsewhere in this Annual Report on Form 10-K for details on the calculation of basic and diluted net loss per share.
−Removed: Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for interest and other income, net, income tax benefit (expense), depreciation and amortization, restructuring charges and share-based compensation expenses.
−Removed: Management uses Adjusted EBITDA to evaluate the financial performance of our business and the effectiveness of our business strategies.
−Removed: We present Adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry and it facilitates comparisons on a consistent basis across reporting periods.
−Removed: Further, we believe it is helpful in highlighting trends in our operating results because it excludes items that are not indicative of our core operating performance.
−Removed: Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP.
−Removed: We may in the future incur expenses similar to the adjustments in the presentation of Adjusted EBITDA.
−Removed: In particular, we expect to incur meaningful share-based compensation expense in the future.
−Removed: Other limitations include that Adjusted EBITDA does not reflect:
−Removed: all expenditures or future requirements for capital expenditures or contractual commitments;
−Removed: changes in our working capital needs;
−Removed: income tax expense (benefit), which may be a necessary element of our costs and ability to operate;
−Removed: the costs of replacing the assets being depreciated and amortized, which will often have to be replaced in the future;
−Removed: the non-cash component of employee compensation expense;
−Removed: the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations.
−Removed: In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
−Removed: The following is a reconciliation of our net loss to Adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017, respectively (in thousands):
−Removed: Year Ended December 31,
−Removed: Interest and other income, net
−Removed: Income tax (benefit) expense
−Removed: Depreciation and amortization expense
−Removed: Restructuring (a)
−Removed: Share-based compensation expense (b)
−Removed: Adjusted EBITDA
−Removed: Represents gains and losses recognized in conjunction with restructuring activities.
−Removed: Represents share-based compensation expense related to option and restricted stock unit awards.
−Removed: See Note 12 to our financial statements appearing elsewhere in this Annual Report on Form 10-K for details on our share-based compensation expense.
−Removed: (in thousands)
−Removed: Balance Sheet Data:
−Removed: Cash, cash equivalents and marketable securities
−Removed: Working capital (1)
−Removed: Total liabilities
−Removed: Convertible preferred stock
−Removed: Total shareholders' equity (deficit)
−Removed: We define working capital as current assets less current liabilities.
+Added: Not applicable.
+Added: We early adopted the SEC’s final rule issued on January 11, 2021 related to amendments to modernize, simplify and enhance certain financial disclosure requirements in Regulation S-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.