Form |
(State or other jurisdiction of | (Commission | (I.R.S. employer | ||||||||||||
incorporation or organization) | File Number) | identification number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||||
Press release issued by Invitae Corporation dated November 8, 2023. | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
INVITAE CORPORATION | ||||||||
By: | /s/ Ana J. Schrank | |||||||
Name: | Ana J. Schrank | |||||||
Title: | Chief Financial Officer |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
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 | — | 1,012,549 | |||||||||
Other assets | 19,531 | 23,121 | |||||||||
Total assets | $ | 535,115 | $ | 1,954,116 | |||||||
Liabilities and stockholders’ (deficit) equity | |||||||||||
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 | |||||||||
Convertible senior notes, net current portion | 26,907 | — | |||||||||
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 | |||||||||
Debt | — | 122,333 | |||||||||
Convertible senior notes, net | 1,127,830 | 1,470,783 | |||||||||
Convertible senior secured notes (at fair value) | 196,244 | — | |||||||||
Deferred tax liability | — | 8,130 | |||||||||
Other long-term liabilities | 226 | 4,775 | |||||||||
Total liabilities | 1,618,519 | 1,852,280 | |||||||||
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Test revenue | $ | 117,561 | $ | 128,839 | $ | 346,127 | $ | 381,518 | ||||||||||||||||||
Other revenue | 3,680 | 4,697 | 13,002 | 12,331 | ||||||||||||||||||||||
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 | — | — | — | 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 | — | (10,593) | — | ||||||||||||||||||||||
Debt issuance costs | (845) | — | (20,704) | — | ||||||||||||||||||||||
Change in fair value of convertible senior secured notes | 33,463 | — | 72,386 | — | ||||||||||||||||||||||
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 per share, basic and diluted | $ | (3.42) | $ | (1.27) | $ | (5.09) | $ | (12.91) | ||||||||||||||||||
Shares used in computing net loss per share, basic and diluted | 275,604 | 237,974 | 263,210 | 232,889 | ||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
2023 | 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 | — | 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 | — | |||||||||
Debt issuance costs | 20,704 | — | |||||||||
Change in fair value of convertible senior secured notes | (72,386) | — | |||||||||
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 | — | |||||||||
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 | — | |||||||||
Payments for debt issuance costs and prepayment fees | (25,974) | — | |||||||||
Repayment of debt | (135,000) | — | |||||||||
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cost of revenue | $ | 82,186 | $ | 116,956 | $ | 258,102 | $ | 324,412 | ||||||||||||||||||
Amortization of acquired intangible assets | (24,082) | (27,711) | (77,122) | (73,618) | ||||||||||||||||||||||
Acquisition-related stock-based compensation | (44) | (146) | (146) | (425) | ||||||||||||||||||||||
Acquisition-related post-combination expense | — | (162) | — | (1,053) | ||||||||||||||||||||||
Restructuring-related retention bonuses | (7) | (170) | (145) | (170) | ||||||||||||||||||||||
Inventory and prepaid write-offs | (388) | (16,467) | (1,362) | (16,467) | ||||||||||||||||||||||
Non-GAAP cost of revenue | $ | 57,665 | $ | 72,300 | $ | 179,327 | $ | 232,679 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenue | $ | 121,241 | $ | 133,536 | $ | 359,129 | $ | 393,849 | ||||||||||||||||||
Cost of revenue | 82,186 | 116,956 | 258,102 | 324,412 | ||||||||||||||||||||||
Gross profit | 39,055 | 16,580 | 101,027 | 69,437 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 24,082 | 27,711 | 77,122 | 73,618 | ||||||||||||||||||||||
Acquisition-related stock-based compensation | 44 | 146 | 146 | 425 | ||||||||||||||||||||||
Acquisition-related post-combination expense | — | 162 | — | 1,053 | ||||||||||||||||||||||
Restructuring-related retention bonuses | 7 | 170 | 145 | 170 | ||||||||||||||||||||||
Inventory and prepaid write-offs | 388 | 16,467 | 1,362 | 16,467 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 63,576 | $ | 61,236 | $ | 179,802 | $ | 161,170 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Research and development | $ | 58,336 | $ | 87,177 | $ | 184,138 | $ | 330,559 | ||||||||||||||||||
Amortization of acquired intangible assets | — | (306) | (90) | (1,338) | ||||||||||||||||||||||
Acquisition-related stock-based compensation | (14,921) | (18,695) | (43,448) | (65,719) | ||||||||||||||||||||||
Acquisition-related post-combination expense | (141) | (1,962) | (1,825) | (7,186) | ||||||||||||||||||||||
Restructuring-related retention bonuses | (669) | (646) | (2,052) | (646) | ||||||||||||||||||||||
Restructuring-related accelerated depreciation | (125) | (3,311) | (341) | (3,311) | ||||||||||||||||||||||
Non-GAAP research and development | $ | 42,480 | $ | 62,257 | $ | 136,382 | $ | 252,359 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Selling and marketing | $ | 37,999 | $ | 49,193 | $ | 127,241 | $ | 172,086 | ||||||||||||||||||
Amortization of acquired intangible assets | (1,569) | (1,610) | (4,707) | (4,856) | ||||||||||||||||||||||
Acquisition-related stock-based compensation | — | (806) | (750) | (2,374) | ||||||||||||||||||||||
Restructuring-related retention bonuses | (105) | (115) | (565) | (115) | ||||||||||||||||||||||
Non-GAAP selling and marketing | $ | 36,325 | $ | 46,662 | $ | 121,219 | $ | 164,741 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
General and administrative | $ | 45,619 | $ | 44,939 | $ | 160,826 | $ | 147,221 | ||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 1,850 | ||||||||||||||||||||||
Acquisition-related stock-based compensation | (1,181) | (3,438) | (3,524) | (6,656) | ||||||||||||||||||||||
Restructuring-related retention bonuses | (1,149) | (300) | (2,402) | (300) | ||||||||||||||||||||||
Restructuring-related accelerated depreciation | — | (111) | — | (111) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 43,289 | $ | 41,090 | $ | 154,900 | $ | 142,004 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
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 | — | — | — | 2,313,047 | ||||||||||||||||||||||
Restructuring, impairment and other costs | 877,289 | 125,222 | 1,010,843 | 130,039 | ||||||||||||||||||||||
Operating expenses | 1,019,243 | 306,531 | 1,483,048 | 3,092,952 | ||||||||||||||||||||||
Goodwill and IPR&D impairment | — | — | — | (2,313,047) | ||||||||||||||||||||||
Restructuring, impairment and other costs | (877,289) | (125,222) | (1,010,843) | (130,039) | ||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 1,850 | ||||||||||||||||||||||
Amortization of acquired intangible assets | (1,569) | (1,916) | (4,797) | (6,194) | ||||||||||||||||||||||
Acquisition-related stock-based compensation | (16,102) | (22,939) | (47,722) | (74,749) | ||||||||||||||||||||||
Acquisition-related post-combination expense | (141) | (1,962) | (1,825) | (7,186) | ||||||||||||||||||||||
Restructuring-related retention bonuses | (1,923) | (1,061) | (5,019) | (1,061) | ||||||||||||||||||||||
Restructuring-related accelerated depreciation | (125) | (3,422) | (341) | (3,422) | ||||||||||||||||||||||
Non-GAAP operating expenses | $ | 122,094 | $ | 150,009 | $ | 412,501 | $ | 559,104 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Other income, net | $ | 37,760 | $ | 1,872 | $ | 56,531 | $ | 19,637 | ||||||||||||||||||
Change in fair value of acquisition-related liabilities | (70) | 527 | (337) | (15,666) | ||||||||||||||||||||||
Non-GAAP other income, net | $ | 37,690 | $ | 2,399 | $ | 56,194 | $ | 3,971 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net loss | $ | (942,107) | $ | (301,156) | $ | (1,340,801) | $ | (3,006,476) | ||||||||||||||||||
Goodwill and IPR&D impairment | — | — | — | 2,313,047 | ||||||||||||||||||||||
Restructuring, impairment and other costs | 877,289 | 125,222 | 1,010,843 | 130,039 | ||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | (1,850) | ||||||||||||||||||||||
Change in fair value of acquisition-related assets and liabilities | (70) | 527 | (337) | (15,666) | ||||||||||||||||||||||
Amortization of acquired intangible assets | 25,651 | 29,627 | 81,919 | 79,812 | ||||||||||||||||||||||
Acquisition-related stock-based compensation | 16,146 | 23,085 | 47,868 | 75,174 | ||||||||||||||||||||||
Acquisition-related post-combination expense | 141 | 2,124 | 1,825 | 8,239 | ||||||||||||||||||||||
Restructuring-related retention bonuses | 1,930 | 1,231 | 5,164 | 1,231 | ||||||||||||||||||||||
Restructuring-related accelerated depreciation | 125 | 3,422 | 341 | 3,422 | ||||||||||||||||||||||
Inventory and prepaid write-offs | 388 | 16,467 | 1,362 | 16,467 | ||||||||||||||||||||||
Acquisition-related income tax benefit | (6,180) | (1,390) | (6,810) | (40,195) | ||||||||||||||||||||||
Non-GAAP net loss | $ | (26,687) | $ | (100,841) | $ | (198,626) | $ | (436,756) | ||||||||||||||||||
Net loss per share, basic and diluted | $ | (3.42) | $ | (1.27) | $ | (5.09) | $ | (12.91) | ||||||||||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.10) | $ | (0.42) | $ | (0.75) | $ | (1.88) | ||||||||||||||||||
Shares used in computing net loss per share, basic and diluted | 275,604 | 237,974 | 263,210 | 232,889 | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | September 30, 2023 | September 30, 2023 | ||||||||||||||||||||
Net cash used in operating activities | $ | (34,398) | $ | (54,905) | $ | (66,895) | $ | (156,198) | |||||||||||||||
Net cash provided by investing activities | 73,878 | 116,064 | 5,117 | 195,059 | |||||||||||||||||||
Net cash (used in) provided by financing activities | (135,768) | 876 | (3,381) | (138,273) | |||||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (96,288) | 62,035 | (65,159) | (99,412) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net changes in investments | (75,202) | (117,146) | (7,048) | (199,396) | |||||||||||||||||||
Loss from public offerings of common stock, net of issuance costs | — | — | 55 | 55 | |||||||||||||||||||
Proceeds from issuance of Series B convertible senior secured notes due 2028, net of issuance costs | (22,435) | 1,763 | 8,016 | (12,656) | |||||||||||||||||||
Cash burn | $ | (193,925) | $ | (53,348) | $ | (64,136) | $ | (311,409) | |||||||||||||||
• Cash burn for the three months ended March 31, 2023 includes $135.0 million repayment of debt, $8.1 million of prepayment fees, $3.7 million in restructuring-related cash payments, and $1.5 million of acquisition-related payments. | |||||||||||||||||||||||
• Cash burn for the three months ended September 30, 2023 includes $4.1 million of acquisition-related payments. |
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Cover |
Nov. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Period End Date | Nov. 08, 2023 |
Entity Registrant Name | Invitae Corporation |
Document Type | 8-K |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36847 |
Entity Tax Identification Number | 27-1701898 |
Entity Central Index Key | 0001501134 |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | NVTA |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Address, Address Line One | 1400 16th Street |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94103 |
City Area Code | 415 |
Local Phone Number | 374-7782 |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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