UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities and Exchange Act of 1934

 

Date of Report:   August 4, 2015

(Date of earliest event reported)

 

Invitae Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-36847

 

27-1701898

(State or other jurisdiction of

 

(Commission File Number)

 

(I.R.S. employer

incorporation or organization)

 

 

 

identification number)

 

458 Brannan Street, San Francisco, California 94107

(Address of principal executive offices, including zip code)

 

(415) 374-7782
(Registrant’s telephone number, including area code)

 

N/A

(Former Name or Former Address, if Changed Since Last Report)


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

o              Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o              Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o              Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02                                            Results of Operations and Financial Condition.

 

On August 6, 2015, Invitae Corporation (the “Company”) issued a press release announcing financial results for its fiscal quarter ended June 30, 2015. The full text of the press release is furnished as Exhibit 99.1 to this report.

 

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 5.02                                            Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

 

(b)

 

Effective August 4, 2015, Lisa Alderson has been appointed Chief Strategy Officer of the Company. Sean E. George, the Company’s President and Chief Operating Officer, has assumed the responsibilities of Ms. Alderson’s prior position of Chief Commercial Officer.

 

(e)

 

On August 4, 2015, the Board of Directors of the Company approved equity awards for the Company’s executive officers under the Company’s 2015 Stock Incentive Plan (the “Plan”) at an exercise price of $9.91 per share, the closing price of the Company’s common stock on the New York Stock Exchange on the date of grant.

 

The following table sets forth stock options awarded to certain of the Company’s named executive officers under the Plan:

 

 

 

Number of
Shares
Underlying
Option

 

Sean E. George, Ph.D.

President and Chief Operating Officer

 

180,000

 

Lisa Alderson

Chief Strategy Officer

 

70,000

 

 

The options vest over a four year period, becoming exercisable as to 25% of the shares on the first anniversary of the grant date with the remaining shares vesting as to 1/48th of the shares each full month thereafter over the following 36 months. The options have a term of ten years, subject to earlier termination in specified events related to termination of employment.

 

Item 9.01                                            Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

 

 

 

10.1

 

Form of Notice of Restricted Stock Unit Award and Restricted Stock Unit Agreement for Awards Granted under the 2015 Stock Incentive Plan.

 

 

 

99.1

 

Press release issued by Invitae Corporation dated August 6, 2015.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Dated: August 6, 2015

 

 

INVITAE CORPORATION

 

 

 

 

 

By:

/s/ Lee Bendekgey

 

Name:

Lee Bendekgey

 

Title:

Chief Financial Officer, General Counsel and Secretary

 

3


Exhibit 10.1

 

INVITAE CORPORATION

 

2015 STOCK INCENTIVE PLAN

 

NOTICE OF RESTRICTED STOCK UNIT AWARD

 

You have been granted the following Restricted Stock Units representing Common Stock of Invitae Corporation (the “Company”) under the Company’s 2015 Stock Incentive Plan (the “Plan”).

 

Name of Participant:

 

[Name]

 

 

 

Total Number of Restricted Stock Units Granted:

 

[Total Number of Shares]

 

 

 

Grant Date:

 

[Date of Grant]

 

 

 

Vesting Commencement Date:

 

[Vesting Commencement Date]

 

 

 

Vesting Schedule:

 

[Subject to the terms of the Restricted Stock Agreement, one-third (33 1/3%) of the Restricted Stock Units subject to this Award vest on each of the first three (3) anniversaries of the Vesting Commencement Date, provided that you have remained in continuous Service with the Company (or a Subsidiary or Affiliate) as of such anniversary.] [Sample language — actual vesting to be established on a grant-by-grant basis by the Committee.]

 

By your signature and the signature of the Company’s representative below, you and the Company agree that this Restricted Stock Unit Award is granted under and governed by the term and conditions of the Plan and the attached Restricted Stock Unit Agreement (the “Agreement”), both of which are made a part of this document.

 

By signing this document you further agree that the Company may deliver by e-mail all documents relating to the Plan or this Award (including without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements).  You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, it will notify you by e-mail.

 

[NAME OF PARTICIPANT]

 

INVITAE CORPORATION

 

 

 

 

 

 

 

 

By:

 

Participant’s Signature

 

 

 

 

 

Title:

 

Participant’s Printed Name

 

 

 

 

INVITAE CORPORATION

NOTICE OF RESTRICTED STOCK UNIT AWARD

 

1



 

INVITAE CORPORATION

 

2015 STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

The Plan and Other Agreements

 

The Restricted Stock Unit Award you are receiving is granted pursuant and subject in all respects to the applicable provisions of the Invitae Corporation 2015 Stock Incentive Plan (the “Plan”), which is incorporated herein by reference. Capitalized terms not defined in this Agreement have the meanings ascribed to them in the Plan.

 

The attached Notice, this Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award. Any prior agreements, commitments or negotiations concerning this Award are superseded. This Agreement may be amended by the Committee without your consent; however, if any such amendment would materially impair your rights or obligations under the Agreement, this Agreement may be amended only by another written agreement, signed by you and the Company.

 

 

 

Payment for Restricted Stock Units

 

No cash payment is required for the Restricted Stock Units you receive. You are receiving the Restricted Stock Units in consideration for Services rendered by you.

 

 

 

Vesting

 

The Restricted Stock Units that you are receiving will vest in one or more installments as shown in the Notice of Restricted Stock Unit Award.

 

No additional Restricted Stock Units will vest after your Service as an Employee or a Consultant has terminated for any reason.

 

 

 

Forfeiture

 

If your Service terminates for any reason, then your Award expires immediately as to the number of Restricted Stock Units that have not vested before the termination date and do not vest as a result of termination.

 

This means that the unvested Restricted Stock Units will immediately be cancelled. You receive no payment for Restricted Stock Units that are forfeited.

 

The Company determines when your Service terminates for this purpose and all purposes under the Plan and its determinations are conclusive and binding on all persons.

 

INVITAE CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

 

1



 

Leaves of Absence

 

For purposes of this Award, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave of absence was approved by the Company in writing and if continued crediting of Service is required by the terms of the leave or by applicable law. But your Service terminates when the approved leave ends, unless you immediately return to active work.

 

If you go on a leave of absence, then the vesting schedule specified in the Notice of Restricted Stock Unit Award may be adjusted in accordance with the Company’s leave of absence policy or the terms of your leave. If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Restricted Stock Unit Award may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement between you and the Company pertaining to your part-time schedule.

 

 

 

Nature of Restricted Stock Units

 

Your Restricted Stock Units are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue Shares on a future date. As a holder of Restricted Stock Units, you have no rights other than the rights of a general creditor of the Company.

 

 

 

No Voting Rights or Dividends

 

Your Restricted Stock Units carry neither voting rights nor rights to dividends. You, or your estate or heirs, have no rights as a stockholder of the Company unless and until your Restricted Stock Units are settled by issuing Shares. No adjustments will be made for dividends or other rights if the applicable record date occurs before your Shares are issued, except as described in the Plan.

 

 

 

Restricted Stock Units Nontransferable

 

You may not sell, transfer, assign, pledge or otherwise dispose of any Restricted Stock Units. For instance, you may not use your Restricted Stock Units as security for a loan. If you attempt to do any of these things, your Restricted Stock Units will immediately become invalid.

 

 

 

Settlement of Restricted Stock Units

 

Each of your vested Restricted Stock Units will be settled when it vests; provided, however, that settlement of each Restricted Stock Unit will be deferred to the first permissible trading day for the Shares, if later than the applicable vesting date, but in no event later than December 31 of the calendar year in which the applicable vesting date occurs.

 

For purposes of this Agreement, “permissible trading day” means a day that satisfies all of the following requirements: (a) the exchange on which the Shares are traded is open for trading on that day; (b)

 

INVITAE CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

 

2



 

 

 

you are permitted to sell Shares on that day without incurring liability under section 16(b) of the Exchange Act, (c) either (i) you are not in possession of material non-public information that would make it illegal for you to sell Shares on that day under Rule 10b-5 under the Exchange Act or (ii) Rule 10b5-1 under the Exchange Act would apply to the sale; (d) you are permitted to sell Shares on that day under such written insider trading policy as may have been adopted by the Company; and (e) you are not prohibited from selling Shares on that day by a written agreement between you and the Company or a third party.

 

At the time of settlement, you will receive one Share for each vested Restricted Stock Unit; provided, however, that no fractional Shares will be issued or delivered pursuant to the Plan or this Agreement, and the Committee will determine whether cash will be paid in lieu of any fractional Share or whether such fractional Share and any rights thereto will be canceled, terminated or otherwise eliminated. In addition, the Shares are issued to you subject to the condition that the issuance of the Shares not violate any law or regulation.

 

 

 

Withholding Taxes and Stock Withholding

 

Regardless of any action the Company and/or the Subsidiary or Affiliate employing you (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items.

 

Prior to the settlement of your Restricted Stock Units, you shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer. In this regard, you authorize the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by you from your wages or other cash compensation paid to you by the Company and/or the Employer. With the Company’s consent, these arrangements may also include, if permissible under local law, (a) withholding Shares that otherwise would be issued to you when your Restricted Stock Units are settled, provided that the Company only

 

INVITAE CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

 

3



 

 

 

withholds the amount of Shares necessary to satisfy the minimum statutory withholding amount, (b) having the Company withhold taxes from the proceeds of the sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization), or (c) any other arrangement approved by the Company. The Fair Market Value of these Shares, determined as of the effective date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes. Finally, you shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of your participation in the Plan or your acquisition of Shares that cannot be satisfied by the means previously described. The Company may refuse to deliver the Shares if you fail to comply with your obligations in connection with the Tax-Related Items as described in this section, and your rights to the Shares shall be forfeited if you do not comply with such obligations on or before December 31 of the calendar year in which the applicable vesting date for the Restricted Stock Units occurs.

 

 

 

Restrictions on Resale

 

You agree not to sell any Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

 

 

 

No Retention Rights

 

Neither your Award nor this Agreement gives you the right to be employed or retained by the Company or any Subsidiary or Affiliate of the Company in any capacity. The Company and its Subsidiaries and Affiliates reserve the right to terminate your Service at any time, with or without cause.

 

 

 

Adjustments

 

The number of Restricted Stock Units covered by this Award shall be subject to adjustment in the event of a stock split, a stock dividend or a similar change in Company Shares, and in other circumstances, as set forth in the Plan. The forfeiture provisions and restrictions described above will apply to all new, substitute or additional Restricted Stock Units or securities to which you are entitled by reason of this Award

 

 

 

Successors and Assigns

 

Except as otherwise provided in the Plan or this Agreement, every term of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees and assigns.

 

 

 

Notice

 

Any notice required or permitted under this Agreement shall be

 

INVITAE CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

 

4



 

 

 

given in writing and shall be deemed effectively given upon the earliest of personal delivery, receipt or the third full day following mailing with postage and fees prepaid, addressed to the other party hereto at the address last known in the Company’s records or at such other address as such party may designate by ten (10) days’ advance written notice to the other party hereto.

 

 

 

Section 409A of the Code

 

To the extent this Agreement is subject to and not exempt from Section 409A of the Code, this Agreement is intended to comply with Section 409A and the regulations promulgated thereunder, and its provisions shall be interpreted in a manner consistent with such intent. You acknowledge and agree that changes may be made to this Agreement to avoid adverse tax consequences to you under Section 409A.

 

 

 

Applicable Law and Choice of Venue

 

This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions). For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or the Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of Santa Clara County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.

 

 

 

Miscellaneous

 

You understand and acknowledge that (i) the Plan is entirely discretionary, (ii) the Company and the Employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the grant of your Award does not in any way create any contractual or other right to receive additional grants of awards (or benefits in lieu of awards) at any time or in any amount and (iv) all determinations with respect to any additional grants, including (without limitation) the times when awards will be granted, the number of Shares subject to the awards, and the vesting schedule, will be at the sole discretion of the Company.

 

The value of this Award shall be an extraordinary item of compensation outside the scope of your employment contract, if any, and shall not be considered a part of your normal or expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

 

You understand and acknowledge that participation in the Plan ceases upon termination of your Service for any reason, except as

 

INVITAE CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

 

5



 

 

 

may explicitly be provided otherwise in the Plan or this Agreement.

 

You hereby authorize and direct the Employer to disclose to the Company or any Subsidiary or Affiliate any information regarding your employment, the nature and amount of your compensation and the fact and conditions of your participation in the Plan, as the Employer deems necessary or appropriate to facilitate the administration of the Plan.

 

You consent to the collection, use and transfer of your personal data as described in this subsection. You understand and acknowledge that the Company, the Employer and the Company’s other Subsidiaries and Affiliates hold certain personal information regarding you for the purpose of managing and administering the Plan, including (without limitation) your name, home address, telephone number, date of birth, social insurance number of other government identification number, salary, nationality, job title, any Shares or directorships held in the Company and details of all awards or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (the “Data”). You further understand and acknowledge that the Company, its Subsidiaries and/or its Affiliates will transfer Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and that the Company and/or any Subsidiary may each further transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan. You understand and acknowledge that the recipients of Data may be located in the United States or elsewhere, and that the laws of a recipient’s country of operation (e.g., the United States) may not have equivalent privacy protections as local laws where you reside or work. You authorize such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering your participation in the Plan, including a transfer to any broker or other third party with whom you elect to deposit Shares acquired under the Plan of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf. You may, at any time, view the Data, require any necessary modifications of Data, make inquiries about the treatment of Data or withdraw the consents set forth in this subsection by contacting the Human Resources Department of the Company in writing.

 

BY SIGNING THE ATTACHED NOTICE, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

INVITAE CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

 

6


Exhibit 99.1

 

 

Invitae raises volume guidance, announces second quarter 2015 financial results

— Generated strong volume growth, accelerated R&D to expand beyond cancer —

— Investing to gain scale and enable long-term profitability —

— Conference call to be held today at 4:45 p.m. Eastern/1:45 p.m. Pacific —

 

SAN FRANCISCO, August 6, 2015 — Invitae Corporation (NYSE: NVTA) today reported financial and operating results for the second quarter ended June 30, 2015.  The company has raised its guidance for billable tests delivered in 2015 to 16,000-18,000, up from its previous guidance of 14,000-17,000 billable tests delivered.

 

“We’re pleased to report our progress in reducing COGS and increasing volume, content, and revenue. As we continue to deliver on these key initiatives, we’re taking an aggressive approach to investing in our competitive advantage in this new global market for comprehensive genetic testing,” said Randy Scott, chairman and CEO of Invitae. “We’re now moving into a new chapter focused on a path to profitability to create a long-term, sustainable business.  We believe our investment in scaling up our production–and especially our medical interpretation capabilities–will enable us to deliver more than 1,000 genes for under $1,000 per indication in the first half of 2016, accelerating our mission to make comprehensive genetic testing a part of mainstream medical practice for billions of people.”

 

Following are recent highlights:

 

·                   Reported total revenue of $1.8 million in the second quarter of 2015, an increase of 47% over revenue in the first quarter of 2015, and approximately six times the revenue of $0.3 million in the second quarter of 2014. Total operating expenses for the second quarter of 2015 were $25.9 million, compared with $10.8 million for the second quarter of 2014. Net loss was $24.3 million in the second quarter of 2015, or a $0.76 loss per share.

·                   Increased volume by delivering more than 4,400 billable reports, an increase of more than 90% compared to the first quarter of 2015, and accessioned more than 4,600 samples.

·                   Reduced cost of goods sold (COGS) from less than $1,200 to less than $850 per sample accessioned for the quarter, while also expanding our production facilities and increasing production and the medical team in anticipation of additional content and volume.

·                   Accelerated its research and development programs in order to expand content to a total of more than 500 genes in the second half of 2015 and to further expand content to include an additional 500 genes in the first half of 2016.  This will result in a test menu of more than 1,000 genes from which clients can order tests for under $1,000 per indication, with offerings in oncology, cardiology, neurology, and the long tail of inherited genetic testing.

·                   Published clinical data in the Journal of Molecular Diagnostics that demonstrated in a study of approximately 1,000 patients that Invitae’s next generation DNA sequencing platform delivered 100% analytical concordance and 99.8% clinical concordance compared to genetic tests from Myriad Genetics.

 



 

·                   Presented clinical data at the American Society of Clinical Oncology annual meeting, including data demonstrating that multi-gene cancer panels yield clinically relevant findings with potentially beneficial management implications for the majority of non-BRCA positive results.

·                   At June 30, 2015, cash, cash equivalents, and marketable securities totaled $170.9 million.

 

“With the Supreme Court decisions regarding DNA patents, the declining cost of sequencing, and the recent data that we’ve published, the genetics field has been opened to disruption and has transformed into a market in which high-quality, high-value services delivered at scale will win,” said Sean George, president and COO of Invitae.  “Given our team, our investment in our infrastructure, and our progress to date, we expect to be the leader in this new competitive marketplace.”

 

Indicators of our success in 2015

 

The four guiding indicators of success in 2015 include:

 

1.               Reducing COGS per test.

2.               Increasing content.

3.               Increasing volume.

4.               Improving reimbursement and cash collections.

 

Conference call details

 

Invitae will host a live conference call and webcast today at 4:45 p.m. Eastern / 1:45 p.m. Pacific to discuss financial results and recent developments.

 

The dial-in numbers for the conference call are (877) 201-0168 for domestic callers and (647) 788-4901 for international callers, and the reservation number for both is 85327941.

 

The live, listen-only webcast of the conference call may be accessed by visiting the investors section of the company’s website at ir.invitae.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company’s website.

 

About Invitae

 

Invitae’s (NYSE: NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. Invitae’s goal is to aggregate most of the world’s genetic tests into a single service with higher quality, faster turnaround time and lower price than many single-gene tests today. The company currently provides a single diagnostic service comprising more than 200 genes for a variety of genetic

 



 

disorders associated with oncology, cardiology, neurology, pediatrics, hematology, and other disease areas.

 

For more information, visit our website at ir.invitae.com and follow us on @twitter: @invitae and @invitaeIR.

 

Safe Harbor Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s belief that it can accelerate the adoption of comprehensive genetic information into mainstream medical care and realize its mission; the benefits of the company’s business model; the company’s belief that it is taking an aggressive approach to investing in its competitive advantage; the company’s focus on a path to profitability and its ability to create a long-term, sustainable business; the company’s expectations regarding the number of billable tests in 2015; the timing of any new content releases and the number of genes covered in any such releases; the company’s expectations regarding the prices of its tests in the future; and the indicators of the company’s success and its expected actions with respect to those indicators. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company’s history of losses; the company’s need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company’s ability to develop and commercialize new tests and expand into new markets; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; risks associated with the company’s ability to use rapidly changing genetic data to interpret test results accurately and consistently; the company’s ability to compete; laws and regulations applicable to the company’s business, including potential regulation by the Food and Drug Administration; and the other risks set forth in the company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.

 

NOTE: Invitae and the Invitae logo are trademarks of Invitae Corporation. All other trademarks and service marks are the property of their respective owners.

 



 

Invitae Corporation

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(unaudited)

 

Revenue

 

$

1,801

 

$

301

 

$

3,030

 

$

419 

 

Costs and operating expenses: 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

3,866

 

963

 

7,065

 

1,574

 

Research and development

 

11,837

 

5,078

 

20,292

 

10,043

 

Selling and marketing

 

6,189

 

1,771

 

10,929

 

3,437

 

General and administrative

 

4,034

 

3,005

 

7,474

 

4,900

 

Total costs and operating expenses

 

25,926

 

10,817

 

45,760

 

19,954

 

Loss from operations

 

(24,125

)

(10,516

)

(42,730

)

(19,535

)

Interest and other income (expense), net

 

(98

)

(6

)

(102

)

(3

)

Interest expense

 

(35

)

(17

)

(63

)

(34

)

Net loss

 

$

(24,258

)

$

(10,539

)

$

(42,895

)

$

(19,572

)

Net loss per share basic and diluted

 

$

(0.76

)

$

(12.81

)

$

(1.75

)

$

(24.90

)

Shares used in computing net loss per share basic and diluted

 

31,809,683

 

822,558

 

24,477,309

 

786,006

 

 



 

Invitae Corporation

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

June 30

 

December 31

 

 

 

2015

 

2014

 

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

47,518

 

$

107,027

 

Marketable securities

 

123,408

 

 

Prepaid expenses and other current assets

 

3,149

 

2,616

 

Total current assets

 

174,075

 

109,643

 

Property and equipment, net

 

18,833

 

15,672

 

Restricted cash

 

203

 

150

 

Other assets

 

1,733

 

3,313

 

Total assets

 

$

194,844

 

$

128,778

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

4,046

 

$

2,862

 

Accrued liabilities

 

3,636

 

3,237

 

Capital lease obligation, current portion

 

1,757

 

1,524

 

Total current liabilities

 

9,439

 

7,623

 

Capital lease obligation, net of current portion

 

2,371

 

2,011

 

Other long term liabilities

 

379

 

401

 

Liabilities related to early exercise of stock options

 

8

 

14

 

Total liabilities

 

12,197

 

10,049

 

Convertible preferred stock

 

 

202,305

 

Stockholders’ (deficit):

 

 

 

 

 

Common stock

 

4

 

 

Accumulated other comprehensive income

 

4

 

 

Additional paid-in capital

 

310,714

 

1,604

 

Accumulated deficit

 

(128,075

)

(85,180

)

Total stockholders’ equity (deficit)

 

182,647

 

(83,576

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

194,844

 

$

128,778

 

 

The condensed, consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date included in the company’s annual report on Form 10-K for the year ended December 31, 2014.

 

Source: Invitae Corporation

 

Contact:

 

Katherine Stueland

pr@invitae.com

415-254-1233