X quarterly report pursuant to section 13 or 15(d) of the securities exchange act of 1934


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

 

(Mark One)

 

x     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2015

 

OR

 

o        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from             to

 

Commission file number 001-36156

 

 

VERACYTE, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

20-5455398

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

7000 Shoreline Court, Suite 250

South San Francisco, California 94080

(Address of principal executive offices, zip code)

 

(650) 243-6300

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer o

 

Accelerated filer o

 

 

 

Non-accelerated filer x

 

Smaller reporting company o

(Do not check if a smaller reporting company)

 

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

 

As of August 3, 2015, there were 27,664,118 shares of common stock, par value $0.001 per share, outstanding.

 

 

 

Table of Contents

 

VERACYTE, INC.

INDEX

 

 

Page

No.

PART I. — FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements (Unaudited)

1

Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014

1

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Month Periods Ended June 30, 2015 and 2014

2

Condensed Consolidated Statements of Cash Flows for the Six Month Periods Ended June 30, 2015 and 2014

3

Notes to the Condensed Consolidated Financial Statements

4

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3. Quantitative and Qualitative Disclosures About Market Risk

33

Item 4. Controls and Procedures

33

PART II. — OTHER INFORMATION

 

Item 1A. Risk Factors

35

Item 6. Exhibits

54

SIGNATURES

55

EXHIBIT INDEX

56

 

i

Table of Contents

 

PART I. — FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

VERACYTE, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 

 

 

June 30,

 

December 31,

 

 

 

2015

 

2014

 

 

 

(Unaudited)

 

(Derived from audited

 financial statements)

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

51,045

 

$

35,014

 

Accounts receivable, net of allowance of $92 and $84 as of June 30, 2015 and December 31, 2014

 

3,586

 

3,050

 

Supplies inventory

 

3,976

 

3,696

 

Prepaid expenses and other current assets

 

1,735

 

1,218

 

Deferred tax asset

 

254

 

300

 

Restricted cash

 

118

 

70

 

Total current assets

 

60,714

 

43,348

 

Property and equipment, net

 

4,211

 

4,161

 

Finite-lived intangible assets, net

 

15,733

 



 

Indefinite-lived intangible assets: in-process research and development

 



 

16,000

 

Goodwill

 

1,057

 

1,057

 

Restricted cash

 

603

 

118

 

Other assets

 

185

 

155

 

Total assets

 

$

82,503

 

$

64,839

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

2,688

 

$

7,397

 

Accrued liabilities

 

7,217

 

7,851

 

Deferred Genzyme co-promotion fee

 

1,897

 

1,897

 

Total current liabilities

 

11,802

 

17,145

 

Long-term debt

 

4,975

 

4,923

 

Deferred tax liability

 

254

 

300

 

Deferred rent, net of current portion

 

384

 

149

 

Deferred Genzyme co-promotion fee, net of current portion

 



 

948

 

Total liabilities

 

17,415

 

23,465

 

Commitments and contingencies (Note 5)

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2015 and December 31, 2014

 



 



 

Common stock, $0.001 par value; 125,000,000 shares authorized, 27,595,971 and 22,523,529 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively

 

27

 

23

 

Additional paid-in capital

 

196,829

 

156,373

 

Accumulated deficit

 

(131,768

)

(115,022

)

Total stockholders’ equity

 

65,088

 

41,374

 

Total liabilities and stockholders’ equity

 

$

82,503

 

$

64,839

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1

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