Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on The Nasdaq Global Select Market under the symbol “PACB.”
Holders of Record
As of January 31, 2021, there were approximately 20 stockholders of record of our common stock, although we believe that there are a significantly larger number of beneficial owners of our common stock.
Dividend Policy
We have never declared or paid any cash dividend on our common stock and have no present plans to do so. We intend to retain earnings for use in the operation and expansion of our business.
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Performance Graph
The performance graph included in this Annual Report on Form 10-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing of Pacific Biosciences under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The following graph shows a comparison from December 31, 2015 through December 31, 2020 of the cumulative total return for our common stock, the Nasdaq Composite Index and the Nasdaq Biotechnology Index. Such returns are based on historical results and are not intended to suggest future performance. Data for The Nasdaq Composite Index and the Nasdaq Biotechnology Index assume reinvestment of dividends.
Recent Sales of Unregistered Securities
None.
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ITEM 6. SELECTED FINANCIAL DATA
Our historical results are not necessarily indicative of the results to be expected for any future period. The following selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.
Year Ended December 31,
2020
2019
2018
2017
2016
(in thousands except per share amounts)
Total revenue
$
78,893
$
90,891
$
78,626
$
93,468
$
90,714
Total cost of revenue
46,327
56,315
53,530
58,809
46,554
Gross profit
32,566
34,576
25,096
34,659
44,160
Total operating expense
136,951
135,121
126,083
124,443
115,404
Operating loss
(104,385)
(100,545)
(100,987)
(89,784)
(71,244)
Gain from Reverse Termination Fee from Illumina (1)
98,000
—
—
—
—
Gain from Continuation Advances from Illumina (1)
34,000
18,000
—
—
—
Net Income (loss)
$
29,403
$
(84,134)
$
(102,562)
$
(92,189)
$
(74,375)
Net loss per share:
Net income (loss) per share
Basic
$
0.18
$
(0.55)
$
(0.76)
$
(0.87)
$
(0.83)
Diluted
$
0.17
$
(0.55)
$
(0.76)
$
(0.87)
$
(0.83)
Weighted average shares outstanding used in calculating net income (loss) per share
Basic
165,187
152,527
135,094
105,682
89,148
Diluted
174,970
152,527
135,094
105,682
89,148
As of December 31,
2020
2019
2018
2017
2016
(in thousands)
Cash, cash equivalents and investments
$
318,814
$
49,099
$
102,354
$
62,872
$
71,978
Working capital
317,085
31,893
104,775
72,984
75,237
Total assets
413,980
147,985
170,275
144,084
137,884
Total liabilities
78,489
93,068
56,214
57,981
53,216
Total stockholders' equity (2)
$
335,491
$
54,917
$
114,061
$
86,103
$
84,668
(1) In accordance with the terms of the Merger Agreement, Illumina paid us cash payments (“Continuation Advances”), of $34.0 million and $18.0 million for the year ended December 31, 2020 and 2019, respectively, which we reflected as a part of Other income for the year ended December 31, 2020 and 2019, respectively. In addition, a s part of the Termination Agreement, Illumina paid us a Reverse Termination Fee of $98.0 million, which we reflected as a part of other income for the year ended December 31, 2020. Please see “Note 2. Termination of Merger with Illumina” in Part II, Item 8 of this Annual Report on Form 10-K for additional information.
(2) For the year ended December 31, 2020, we issued 29.4 million shares of our common stock through our two underwritten public offerings with an average offering price of $6.40. The total net proceeds to us from the two offerings, after deducting the underwriting commission and offering expenses, were approximately $187.2 million. Please see “Note 8. Stockholders’ Equity” in Part II, Item 8 of this Annual Report on Form 10-K for additional information.
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