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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
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: 001-34180
https://cdn.kscope.io/eb40a968e5aba1fe2170d9cd06d50bc1-fldm-20220930_g1.jpg
STANDARD BIOTOOLS INC.
(Exact name of registrant as specified in its charter)
Delaware 77-0513190
State or other jurisdiction of incorporation or organization I.R.S. Employer Identification No.
2 Tower Place, Ste 2000
South San Francisco,
CA
94080
Address of principal executive officesZip Code
Registrant’s telephone number, including area code: (650) 266-6000
_____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareLABThe Nasdaq Global Select Market

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      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 31, 2022 there were 79,296,443 shares of the registrant’s common stock, $0.001 par value per share, outstanding.



STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
TABLE OF CONTENTS
  Page
PART I.
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 79





PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) 
(Unaudited)
September 30,December 31,
20222021
ASSETS
Current assets:
Cash and cash equivalents$60,200 $28,451 
Short-term investments124,968  
Accounts receivable (net of allowances of $594 and $356 at September 30, 2022 and December 31, 2021, respectively)
17,294 18,320 
Inventories, net21,946 20,825 
Prepaid expenses and other current assets4,609 4,470 
Total current assets229,017 72,066 
Property and equipment, net26,584 28,034 
Operating lease right-of-use asset, net34,726 37,119 
Other non-current assets3,119 3,689 
Developed technology, net15,400 27,927 
Goodwill106,069 106,379 
Total assets$414,915 $275,214 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable$9,305 $10,602 
Accrued compensation and related benefits10,624 4,920 
Operating lease liabilities, current3,515 3,053 
Deferred revenue, current11,322 11,947 
Deferred grant income, current3,656 3,535 
Other accrued liabilities6,914 8,673 
Advances under revolving credit agreement, current 6,838 
       Term loan, current833  
Total current liabilities46,169 49,568 
Convertible notes, net54,499 54,160 
Term loan, non-current9,386 10,049 
Deferred tax liability620 4,329 
Operating lease liabilities, non-current34,869 37,548 
Deferred revenue, non-current4,430 5,966 
Deferred grant income, non-current15,265 18,116 
Other non-current liabilities1,171 882 
Total liabilities166,409 180,618 
Commitments and contingencies (Note 16)
Redeemable preferred stock: $0.001 par value; 256 and no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively; aggregate liquidation preference of $255,559 and $ as of September 30, 2022 and December 31, 2021, respectively
311,253  
Stockholders’ equity (deficit):
Preferred stock: $0.001 par value, 9,744 and 10,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding at either September 30, 2022 or December 31, 2021
  
Common stock: $0.001 par value, 400,000 and 200,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 79,246 and 76,919 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
79 77 
Additional paid-in capital845,034 831,424 
Accumulated other comprehensive loss(2,609)(907)
1


Accumulated deficit(905,251)(735,998)
Total stockholders’ equity (deficit)(62,747)94,596 
Total liabilities, mezzanine equity and stockholders’ equity (deficit)$414,915 $275,214 
See accompanying notes
2


STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenue
Product revenue$19,312 $21,937 $51,535 $69,292 
Service revenue5,857 6,016 17,807 18,929 
Other revenue477 551 1,585 4,095 
Total revenue25,646 28,504 70,927 92,316 
Costs and expenses
Cost of product revenue14,091 13,327 39,168 37,720 
Cost of service revenue2,335 1,508 5,875 5,465 
Research and development8,650 9,209 30,121 29,403 
Selling, general and administrative29,597 24,072 90,856 75,928 
Total costs and expenses54,673 48,116 166,020 148,516 
Loss from operations(29,027)(19,612)(95,093)(56,200)
Interest expense(1,049)(968)(3,141)(2,751)
Loss on forward sale of Series B Preferred Stock  (60,081) 
Loss on bridge loans  (13,719) 
Surplus funding from NIH Contract153 5,000 153 5,000 
Other income (expense), net(216)315 (272)534 
Loss before income taxes(30,139)(15,265)(172,153)(53,417)
Income tax benefit713 1,422 2,900 3,609 
Net loss$(29,426)$(13,843)$(169,253)$(49,808)
Net loss per share, basic and diluted$(0.37)$(0.18)$(2.17)$(0.66)
Shares used in computing net loss per share, basic and diluted78,897 76,301 77,924 75,494 
See accompanying notes
3


STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)


 
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net loss$(29,426)$(13,843)$(169,253)$(49,808)
Other comprehensive loss, net of tax:
Foreign currency translation adjustment(118)(446)(753)(842)
Net change in unrealized loss on investments(238) (949) 
Other comprehensive loss, net of tax(356)(446)(1,702)(842)
Comprehensive loss$(29,782)$(14,289)$(170,955)$(50,650)
See accompanying notes
4


STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands)
(Unaudited)

 Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
 Loss
Accumulated
Deficit
Total
Stockholders’
Equity (Deficit)
 SharesAmount
Balance as of December 31, 202176,919 $77 $831,424 $(907)$(735,998)$94,596 
Issuance of restricted stock, net of shares withheld for taxes, and other278 — (89)— — (89)
Issuance of common stock from option exercises2 — 2 — — 2 
Stock-based compensation expense— — 4,042 — — 4,042 
Net loss— — — — (76,288)(76,288)
Other comprehensive loss, net of tax— — — (150)— (150)
Balance as of March 31, 202277,199 $77 $835,379 $(1,057)$(812,286)$22,113 
Issuance of restricted stock, net of shares withheld for taxes, and other1,119 1 (89)— — (88)
Issuance of common stock under ESPP309 1 496 — — 497 
Issuance of common stock from option exercises27 — 96 — — 96 
Stock-based compensation expense— — 4,663 — — 4,663 
Net loss— — — — (63,539)(63,539)
Other comprehensive loss, net of tax— — — (1,196)— (1,196)
Balance as of June 30, 202278,654 $79 $840,545 $(2,253)$(875,825)$(37,454)
Issuance of restricted stock, net of shares withheld for taxes, and other592 — (5)— — (5)
Stock-based compensation expense— — 4,494 — — 4,494 
Net loss— — — — (29,426)(29,426)
Other comprehensive loss, net of tax— — — (356)— (356)
Balance as of September 30, 202279,246 $79 $845,034 $(2,609)$(905,251)$(62,747)
Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity
SharesAmount
Balance as of December 31, 202074,543 $75 $815,624 $112 $(676,761)$139,050 
Issuance of restricted stock, net of shares withheld for taxes, and other420 — (525)— — (525)
Stock-based compensation expense— — 3,677 — — 3,677 
Net loss— — — — (18,821)(18,821)
Other comprehensive loss, net of tax— — — (443)— (443)
Balance as of March 31, 202174,963 $75 $818,776 $(331)$(695,582)$122,938 
Issuance of restricted stock, net of shares withheld for taxes, and other1,028 1 (1,028)— — (1,027)
Issuance of common stock under ESPP139 — 685 — — 685 
Issuance of common stock from option exercises36 — 209 — — 209 
Stock-based compensation expense— — 3,741 — — 3,741 
Net loss— — — — (17,143)(17,143)
Other comprehensive loss, net of tax— — — 47 — 47 
5


Balance as of June 30, 202176,166 $76 $822,383 $(284)$(712,725)$109,450 
Issuance of restricted stock, net of shares withheld for taxes, and other318  (143)— — (143)
Issuance of common stock from option exercises1 — (1)— — (1)
Stock-based compensation expense— — 4,320 — — 4,320 
Net loss— — — — (13,843)(13,843)
Other comprehensive loss, net of tax— — — (446)— (446)
Balance as of September 30, 202176,485 $76 $826,559 $(730)$(726,568)$99,337 
See accompanying notes
6


STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
 20222021
Operating activities
Net loss$(169,253)$(49,808)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on forward sale of Series B Preferred Stock60,081  
Loss on bridge loans13,719  
Stock-based compensation expense13,199 11,738 
Amortization of developed technology8,728 8,944 
Depreciation and amortization2,680 2,744 
Provision for excess and obsolete inventory7,239 1,539 
Impairment of InstruNor developed technology intangible3,526  
Amortization of debt discounts, premiums and issuance costs628 427 
Other non-cash items165 397 
Changes in assets and liabilities:
Accounts receivable, net1,123 11,438 
Inventories(7,810)(7,467)
Prepaid expenses and other assets(83)(2,720)
Accounts payable(1,501)1,412 
Accrued compensation and related benefits5,561 (5,394)
Deferred revenue(2,408)(2,290)
Other liabilities(5,783)(8,019)
Net cash used in operating activities(70,189)(37,059)
Investing activities
Purchases of investments(137,302) 
Proceeds from NIH Contract 2,000 
Proceeds from maturities of investments12,000  
Purchases of property and equipment(3,070)(12,801)
Net cash used in investing activities(128,372)(10,801)
Financing activities
Proceeds from bridge loans25,000  
Proceeds from issuance of Series B Preferred Stock225,000  
Proceeds from term loan 10,000 
Repayment of advances under revolving credit agreement(6,838) 
Repayment of long-term debt (501)
Payment of debt and equity issuance costs(12,547)(35)
Proceeds from exercise of stock options97 208 
Proceeds from ESPP stock issuance 497 685 
Payments for taxes related to net share settlement of equity awards and other(181)(1,695)
Net cash provided by financing activities231,028 8,662 
Effect of foreign exchange rate fluctuations on cash and cash equivalents(719)(13)
Net increase (decrease) in cash, cash equivalents and restricted cash31,748 (39,211)
Cash, cash equivalents and restricted cash at beginning of period29,467 69,536 
Cash, cash equivalents and restricted cash at end of period$61,215 $30,325 
Supplemental disclosures of cash flow information
Cash paid for interest$1,847 $1,565 
Cash paid for income taxes, net of refunds$248 $1,113 
Non-cash right-of-use assets and lease liabilities$503 $2,241 
Asset retirement obligations$703 $702 
See accompanying notes
7


STANDARD BIOTOOLS INC.
(formerly known as FLUIDIGM CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2022
1. Description of Business
Standard BioTools Inc. (Standard BioTools, the Company, we, our or us) is driven by a bold vision – unleashing tools to accelerate breakthroughs in human health. We have an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, we provide reliable and repeatable insights in health and disease using our proprietary mass cytometry and microfluidics technologies that help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy.
The Company, formerly known as Fluidigm Corporation, changed its name to Standard BioTools Inc. in April 2022, in connection with the completion of the Private Placement Issuance (as defined and discussed in Note 3). The Company was founded in 1999 and is headquartered in South San Francisco, California.
2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and include the accounts of our wholly owned subsidiaries. As of September 30, 2022, we had wholly owned subsidiaries in Singapore, Canada, the Netherlands, Japan, France, Italy, the United Kingdom, China, Germany and Norway. All subsidiaries, except for Singapore, use their local currency as their functional currency. The Singapore subsidiary uses the U.S. dollar as its functional currency. All intercompany transactions and balances have been eliminated upon consolidation.
In the audited financial statements and the related notes for the year ended December 31, 2021 included in our annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on March 8, 2022, we disclosed that we had performed an assessment to determine whether there were conditions or events, considered in the aggregate, that raised substantial doubt about our ability to continue as a going concern for at least the twelve-month period following the date the financial statements were issued. We believed that our then-current level of cash and cash equivalents, together with committed financing facilities, were not sufficient to fund ongoing operations for at least the twelve-month period after the financial statements were issued. We subsequently closed the $225 million Preferred Equity Financing (as defined in Note 3). The completion of this financing eliminated the doubt about the Company’s ability to continue as a going concern. We believe our current levels of cash, cash equivalents, and short-term investments along with the funding available under the Revolving Credit Facility will be sufficient to support the operations of our business for at least the next 12 months. See Note 3 for further discussion.
Certain prior period amounts in the condensed consolidated financial statements were reclassified to conform with the current period presentation. These reclassifications were immaterial and did not affect prior period total assets, total liabilities, stockholders’ equity, total revenue, total costs and expenses, loss from operations or net loss.
Unaudited Interim Financial Information
The accompanying unaudited interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented.
The year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The condensed consolidated results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the full year or for any other year or interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2021 included in our annual report on Form 10-K, filed with the SEC on March 8, 2022.
8


Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates on historical experience, the current economic environment and on various other assumptions believed to be reasonable, which together form the basis for making judgments about the carrying values of assets and liabilities. The full extent to which the COVID-19 pandemic impacts our business, results of operations and financial condition will depend on numerous evolving factors including, but not limited to, the magnitude and duration of the pandemic, the extent to which it will impact worldwide macroeconomic conditions, including the speed of recovery, and governmental and business reactions to the pandemic. We assessed certain accounting matters that generally require consideration of forecasted financial information, including the impact of COVID-19-related supply chain shortages, the war in Ukraine, and inflation. Assets and liabilities that rely on forecasted financial information to determine their carrying value include, but are not limited to, inventory, its related reserves, goodwill and other long-lived assets and liabilities. Actual results could differ materially from these estimates and could have a material adverse effect on our condensed consolidated financial statements. We also use significant judgment in determining the fair value of financial instruments, including debt and equity instruments.
Foreign Currency
Assets and liabilities of non-U.S. subsidiaries that use their local currency as their functional currency are translated into U.S. dollars at exchange rates in effect on the balance sheet date. Income and expense accounts are translated at monthly average exchange rates during the year. The adjustments resulting from the foreign currency translations are recorded in accumulated other comprehensive loss, a separate component of stockholders’ equity.
Bridge Loans
The $25 million Bridge Loans (as defined in Note 3) were recorded at fair value in January 2022 when the loans were issued. The Company elected to use the fair value option as of the issuance date that was available under Accounting Standards Codification (ASC) 825 Financial Instruments. The change in fair value of the Bridge Loans from inception to the April 4, 2022 closing date of the Private Placement Issuance is recorded as a non-operating loss on Bridge Loans in the condensed consolidated statement of operations. The Bridge Loans were reported as a non-current liability on the condensed consolidated balance sheet until their conversion. Upon conversion, the carrying value of the Bridge Loans was reclassified to Series B Redeemable Preferred Stock (as defined in Note 3). We had accrued interest daily on the outstanding principal amount of the Bridge Loans until they were converted, which was capitalized while the debt issuance costs were expensed when incurred.

Private Placement Issuance
See Note 3 for a detailed discussion of the transactions, including the accounting treatment, and additional information.
Restructuring
We record liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Severance and other employee termination costs are primarily recorded when the actions become probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period. We record costs to implement business improvement programs, including external consulting and legal expenses, as they are incurred.

Segment Reporting
We have historically operated as a single reportable segment and managed our business operations and evaluated our financial performance on a consolidated basis. During the third quarter of 2022, our Chief Executive Officer (CEO), who is our Chief Operating Decision Maker (CODM), instituted the practice of evaluating operating performance and making resource allocation decisions using two reportable segments: mass cytometry and microfluidics. In the fourth quarter of 2022, we will begin referring to these two segments as proteomics and genomics, respectively. Each segment is identified by its unique portfolio of products

We determine each segment’s loss from operations by subtracting direct expenses, including cost of product and service revenues, research and development (R&D) expense and sales and marketing expense, from revenues. Amortization, depreciation, and restructuring expense are included in each segment’s operating expenses. Corporate costs, including general and administrative expenses for functions shared by both operating segments such as executive management, human resources
9


and finance, along with interest and taxes, are excluded from each segment’s results, which is consistent with how our CODM measures segment performance. See Note 14 for additional information.

Series B Redeemable Preferred Stock

The Purchase Agreements (as defined in Note 3) for the issuance of shares of Series B Preferred Stock were accounted for as forward sales contracts at fair value in accordance with ASC 480 Distinguishing Liabilities from Equities. The Series B Preferred Stock was treated as mezzanine equity and recorded at its fair value upon issuance, net of issuance costs due to its redemption features, such as change of control and liquidation preference, which are outside of the Company’s control. Subsequent remeasurement of the Series B Redeemable Preferred Stock amount presented within mezzanine equity to its redemption amount is not required since it is not probable that the instrument will become redeemable. Mezzanine equity which has characteristics of both liabilities and shareholders’ equity (deficit) is presented separately on the condensed consolidated balance sheets between these items because it has some characteristics of both. See Note 3 for additional information.
Comprehensive Loss
Comprehensive loss is comprised of net loss and other comprehensive loss. Other comprehensive loss generally consists of unrealized gains and losses on our investments and foreign currency translation adjustments. Total comprehensive loss for all periods presented has been disclosed in the condensed consolidated statements of comprehensive loss.
The components of accumulated other comprehensive loss, net of tax, for the three and nine months ended September 30, 2022 are as follows (in thousands):
Foreign Currency Translation AdjustmentUnrealized Loss on InvestmentsAccumulated Other Comprehensive Loss
Ending balance at December 31, 2021$(907)$ $(907)
Other comprehensive loss(150) (150)
Ending balance at March 31, 2022$(1,057)$ $(1,057)
Other comprehensive loss(485)(711)(1,196)
Ending balance at June 30, 2022$(1,542)$(711)$(2,253)
Other comprehensive loss(118)(238)(356)
Ending balance at September 30, 2022$(1,660)$(949)$(2,609)
Net Loss per Share
Our basic and diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding for the period.
10


The following potentially dilutive common shares were excluded from the computation (in thousands):
 Nine Months Ended September 30,
 20222021
Stock options, restricted stock units and performance awards14,253 8,234 
Series B Preferred Stock 75,164  
2019 Convertible Notes18,966 18,966 
2019 Convertible Notes potential make-whole shares4,741 735 
2014 Convertible Notes10 10 
Total113,134 27,945 

Potentially dilutive securities in the above table include the impact of the Series B Preferred Stock defined and discussed in Note 3.
Recent Accounting Changes and Accounting Pronouncements
Adoption of New Accounting Guidance
In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06 Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendment to this ASU reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification, which is expected to result in more convertible instruments being accounted for as a single unit, rather than being bifurcated between debt and equity. The new guidance is effective for fiscal years beginning after December 15, 2021. We adopted ASU 2020-06 effective January 1, 2022. The adoption of ASU 2020-06 did not have an impact on our 2014 Notes and 2019 Notes (each as defined in Note 8).
In November 2021, the FASB issued ASU 2021-10 Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendment is effective for annual periods beginning after December 15, 2021. The amendment establishes financial disclosure requirements for business entities that receive government assistance that the entities account for by analogizing to a grant or contribution model because there is no specific authoritative guidance under U.S. GAAP that applies to the transaction. Entities that receive this type of assistance should include the following information in their annual report: (1) the nature of the transaction, (2) the significant terms and conditions, (3) the accounting treatment, (4) the line items on the balance sheet and income statement that are affected along with (5) the respective amounts that have been recorded. We adopted ASU 2021-10 effective January 1, 2022. The adoption of ASU 2021-10 did not have a material impact on our financial statements.
Recent Accounting Pronouncements
None.
3. Private Placement Issuance
Overview of Transactions
On January 23, 2022, we entered into (i) a Loan Agreement (the Casdin Bridge Loan Agreement) with Casdin Private Growth Equity Fund II, L.P. and Casdin Partners Master Fund, L.P. (collectively, Casdin) and (ii) a Loan Agreement (the Viking Bridge Loan Agreement, and together with the Casdin Bridge Loan Agreement, the Bridge Loan Agreements) with Viking Global Opportunities Illiquid Investments Sub-Master LP and Viking Global Opportunities Drawdown (Aggregator) LP (collectively, Viking and, together with Casdin, the Purchasers and each, a Purchaser). Each Bridge Loan Agreement provided for a $12.5 million term loan (the Bridge Loans) to the Company. The Bridge Loans were fully drawn on January 24, 2022. The Bridge Loans automatically converted into Series B Preferred Stock, defined below, upon the completion of the Preferred Equity Financing, defined below.
Also on January 23, 2022, we entered into separate Series B Convertible Preferred Stock Purchase Agreements (the Purchase Agreements) with each of Casdin and Viking pursuant to which at the closing of the transactions contemplated thereby, and on the terms and subject to the conditions set forth therein, including the approval of our stockholders, we issued and sold an aggregate of $225 million of convertible preferred stock on April 4, 2022, consisting of: (i) 112,500 shares of the Company’s Series B-1 Convertible Preferred Stock, par value $0.001 per share (the Series B-1 Preferred Stock), at a purchase price of $1,000 per share to Casdin; and (ii) 112,500 shares of the Company’s Series B-2 Convertible Preferred Stock, par value
11


$0.001 per share (the Series B-2 Preferred Stock, and together with the Series B-1 Preferred Stock, the Series B Preferred Stock or the Series B Redeemable Preferred Stock) at a purchase price of $1,000 per share to Viking (the Preferred Equity Financing, and together with the issuance of shares of Series B Preferred Stock in connection with the conversion of the Bridge Loans, the Private Placement Issuance).
The rights, preferences and privileges of the Series B Preferred Stock are set forth in the Series B-1 Certificate of Designations and Series B-2 Certificate of Designations (collectively, the Series B Certificates of Designations). The Series B Preferred Stock ranks senior to our common stock with respect to dividend rights, redemption rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The holders of Series B Preferred Stock are entitled to participate in all dividends declared on our common stock on an as-converted basis, on the terms and subject to the conditions set forth in the Series B Certificates of Designations.
Our board of directors called a meeting (Special Meeting) to ask our stockholders to consider, vote upon and approve (i) a proposal to amend our Eighth Amended and Restated Certificate of Incorporation (the Charter) to, among other things, increase the number of shares of common stock, par value $0.001 per share, that we are authorized to issue from two hundred million (200,000,000) shares to four hundred million (400,000,000) shares and to change the Company’s name to Standard BioTools Inc. (the Charter Amendment Proposal); (ii) a proposal to approve, in accordance with Nasdaq Listing Rule 5635, the issuance of (A) the Series B-1 Preferred Stock and the Series B-2 Preferred Stock pursuant to the Purchase Agreements, (B) the Series B-1 Preferred Stock and the Series B-2 Preferred Stock issuable pursuant to the terms of the Bridge Loan Agreements and (C) the common stock issuable upon the conversion of the Series B Preferred Stock (the Private Placement Issuance Proposal); and (iii) a proposal to adjourn the Special Meeting if the Special Meeting were convened and a quorum were present, but there were not sufficient votes to approve the Charter Amendment Proposal and the Private Placement Issuance Proposal (the Adjournment Proposal, and, together with the Private Placement Issuance Proposal and the Charter Amendment Proposal, the Stockholder Proposals). Each of the Private Placement Issuance Proposal and Charter Amendment Proposal were conditioned on the approval of the other proposal, and neither proposal would take effect unless both were approved by our stockholders.
Our stockholders approved the Charter Amendment Proposal and Private Placement Issuance Proposal on April 1, 2022. The Private Placement Issuance closed on April 4, 2022. Upon closing, 225,000 shares of Series B Preferred Stock were issued in accordance with the Purchase Agreements and the Bridge Loans converted into 30,559 shares of Series B Preferred Stock, for a total of 255,559 shares of Series B Preferred Stock. The proceeds of the Private Placement Issuance have been and will be used to fund expenses related to the Private Placement Issuance, as well as working capital, general corporate purposes and potential future merger and acquisition opportunities that we may identify from time to time.
Series B Redeemable Preferred Stock
Preferred stock is classified as debt, equity or mezzanine equity based on its redemption features. Preferred stock with redemption features outside of the control of the issuer, such as contingent redemption features, is classified as mezzanine equity. We recorded the Series B Preferred Stock as mezzanine equity at its fair value upon issuance, net of any issuance costs, on the condensed consolidated balance sheet as of September 30, 2022 because it had features, such as change of control and liquidation preference, which are outside of the Company’s control. Subsequent adjustment of the amount presented within mezzanine equity to its redemption amount is unnecessary as it is not probable that the instrument will become redeemable.
Upon closing, the value of the Bridge Loans and the Purchase Agreements, discussed in detail below, were reclassified and included in the carrying value of the Series B Redeemable Preferred Stock. The carrying value of the Series B Redeemable Preferred Stock as of April 4, 2022 was $311.3 million and was unchanged as of September 30, 2022.
The components of the carrying value of the Series B Redeemable Preferred Stock are as follows (in thousands):

 September 30, 2022
Proceeds from Purchase Agreements$225,000 
Proceeds from Bridge Loans25,000 
Loss on Forward Purchase Agreements60,081 
Loss on Bridge Loans13,719 
Less equity issuance costs(12,547)
Total Series B Redeemable Preferred Stock$311,253 
The Series B Preferred Stock Certificates of Designations contain several conversion rights, redemption features and other key provisions described below.
12


Holder Voluntary Conversion Rights
The Series B Preferred Stock is convertible at the option of the holders thereof at any time into a number of shares of common stock equal to the Conversion Rate (as defined in the Series B Certificates of Designations), which is initially 294.1176 shares of common stock per share of Series B Preferred Stock, in each case subject to certain adjustments and certain limitations on conversion.
Issuer Call Provision
At any time after the fifth anniversary of the closing of the Private Placement Issuance, if the last reported sale price of the common stock is greater than 250% of the Conversion Price (as defined in the Series B Certificates of Designations) as of such time for at least 20 consecutive trading days, we may elect to convert all of the outstanding shares of Series B Preferred Stock into shares of common stock.
Issuer Redemption Provision
After the seventh anniversary of the closing of the Private Placement Issuance, subject to certain conditions, we may, at our option, redeem all of the outstanding shares of Series B Preferred Stock at a redemption price per share of Series B Preferred Stock, payable in cash, equal to the Liquidation Preference (as defined in the Series B Certificates of Designations).
Change of Control Provisions
If we undergo certain change of control transactions, each holder of outstanding shares of Series B Preferred Stock will have the option, subject to the holder’s right to convert all or a portion of the shares of Series B Preferred Stock held by such holder into common stock, to require us to purchase all or a portion of such holder’s outstanding shares of Series B Preferred Stock that have not been converted into common stock at a purchase price per share of Series B Preferred Stock, payable in cash, equal to the greater of (A) the Liquidation Preference of such share of Series B Preferred Stock, and (B) the amount of cash and/or other assets that such holder would have been entitled to receive if such holder had converted such share of Series B Preferred Stock into common stock immediately prior to the change of control transaction (Change of Control Put).
In the event of a change of control in which we are not expected to be the surviving corporation or our common stock will no longer be listed on a U.S. national securities exchange, we will have a right to redeem, subject to the holder’s right to convert into common stock prior to such redemption, all of such holder’s shares of Series B Preferred Stock, or if a holder exercises the Change of Control Put in part, the remainder of such holder’s shares of Series B Preferred Stock, at a redemption price per share payable in cash, equal to the greater of (A) the Liquidation Preference of such share of Series B Preferred Stock, and (B) the amount of cash and/or other assets that the holder would have received if such holder had converted such share of Series B Preferred Stock into common stock immediately prior to the change of control transaction.
Liquidation Rights
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series B Preferred Stock has a liquidation preference equal to the greater of (i) the Liquidation Preference (as defined in the Series B Certificates of Designations, currently $3.40) and (ii) the amount per share of Series B Preferred Stock that such holder would have received had all holders of Series B Preferred Stock, immediately prior to such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, converted all shares of Series B Preferred Stock into common stock pursuant to the terms of the Series B Certificates of Designations (without regard to any limitations on conversion contained therein).
Series B Convertible Preferred Stock Purchase Agreements
The Purchase Agreements for the issuance of 225,000 shares of Series B Preferred Stock for $225 million were accounted for as forward sales contracts at fair value in accordance with ASC 480 Distinguishing Liabilities from Equities because the Series B Preferred Stock included certain contingent redemption features which created an obligation for the Company to repurchase its shares. The fair value of the Series B Preferred Stock payable portion of the forward sales contracts was determined using a Monte Carlo Simulation (MCS). The MCS analysis used a random-walk process to simulate the value of our common stock and the resulting impact on the value of our Series B Preferred Stock, given the convertibility of the Series B Preferred Stock into cash or our common stock under several scenarios, as well as various provisions discussed above.
The fair value of the 225,000 shares of Series B Preferred Stock was determined to be $262.8 million as of March 31, 2022 and $285.1 million as of April 4, 2022. The $22.3 million increase in the fair value of the Series B Preferred Stock from March 31, 2022 to April 4, 2022 was included in the loss on forward sale of Series B Preferred Stock on the condensed consolidated statement of operations for the three months ended June 30, 2022. The loss was primarily due to the increase in our common stock price from $3.59 per share on March 31, 2022 to $3.99 per share on April 4, 2022.
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The $60.1 million loss on forward sales of Series B Preferred Stock for the nine months ended September 30, 2022 reflected the increase in the share price of our common stock from $2.84 per share at the inception of the contracts to $3.99 per share as of April 4, 2022 and the value of the various conversion rights and key provisions discussed above.
Bridge Loans
Prior to their conversion, the Bridge Loans bore interest (i) from and including the effective date of the Bridge Loan Agreements to but excluding March 1, 2022, at a rate of 10% per annum, (ii) from and including March 1, 2022 to but excluding June 1, 2022, at a rate of 12% per annum, (iii) from and including June 1, 2022 to but excluding September 1, 2022, at a rate of 14% per annum, and (iv) from and including September 1, 2022 and thereafter, at a rate of 16% per annum. Interest accrued daily and was payable in kind by adding the accrued interest to the outstanding principal amount. Unless earlier converted, the outstanding principal amount of the Bridge Loans (inclusive of principal and accrued and unpaid interest) was due and payable in cash on the maturity date.
The Bridge Loans automatically converted into Series B Preferred Stock upon the closing of the Private Placement Issuance, in accordance with the terms of the Bridge Loan Agreements. The Bridge Loans converted into a number of shares of Series B Preferred Stock equal to (i) the then-outstanding principal amount of the applicable Bridge Loan (including any interest added to the original principal amount thereof) plus accrued and unpaid interest (together, the Conversion Amount) on the Bridge Loans divided by $1,000 multiplied by (ii) the Conversion Price (as defined in the Series B Certificates of Designations) divided by $2.84.
If the Series B Preferred Stock had not been approved for issuance by our stockholders, or the Purchase Agreements were terminated, then the Bridge Loans would have become convertible, at each lender’s option, into common stock, par value $0.001 per share, of the Company at an initial conversion rate of 352.1126 shares of common stock per $1,000.00 of the Conversion Amount, subject to the cap set forth in the Bridge Loan Agreements.
Applying the guidance in ASC 825 Financial Instruments, we elected to record the Bridge Loans at their fair value. We employed a probability‐weighted expected return method in our valuation analysis of the Bridge Loans. Specifically, our analysis contemplated two scenarios: 1) our stockholders approve the transaction (Approval Scenario) and 2) our stockholders do not approve the transaction (Disapproval Scenario). To estimate the fair value of the Bridge Loans pursuant to the Approval Scenario, we employed a Monte Carlo Simulation (MCS) analysis, discussed above, based on the underlying Series B Preferred Stock into which the Bridge Loans were convertible.
The change in fair value of the Bridge Loans from inception to conversion on April 4, 2022 is included as a non-operating loss on Bridge Loans in the condensed consolidated statement of operations. The loss on Bridge Loans was $13.7 million for the nine months ended September 30, 2022. The loss was attributable to the increase in our share price from the inception of the Bridge Loans to the April 4, 2022 closing date. Upon conversion, the carrying value of the Bridge Loans was reclassified to Series B Redeemable Preferred Stock. In addition, as required under the fair value option, issuance costs associated with the Bridge Loans of $0.2 million were recognized in general and administrative expenses in the first quarter of 2022.
4. NIH Contract
In September 2020, we executed a definitive contract with the National Institutes of Health (NIH), which amended the letter contract we entered into with NIH in July 2020 (collectively, the NIH Contract), under the NIH Rapid Acceleration of Diagnostics (RADx) program to support the expansion of our production capacity and throughput capabilities for COVID-19 test products that use our microfluidics technology. We completed the required milestones in 2021 and received the total NIH Contract value of $34.0 million. Proceeds from the NIH Contract have been used primarily for capital expenditures to expand production capacity and, to a lesser extent, to offset applicable operating costs. The non-operating income recognized from the grant proceeds received in excess of the amounts spent for capital expenditures and operating expenses incurred is reflected on the condensed consolidated statement of operations as surplus funding from the NIH contract.
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The following table summarizes the activity under the NIH Contract as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022December 31, 2021
Cash receipts from milestones achieved$34,016 $34,016 
Cumulative amounts applied against operating costs (excluding depreciation)(4,526)(4,522)
Cumulative amounts applied against depreciation expense for assets placed in service(3,276)(703)
Cumulative amounts recognized as non-operating income(7,293)(7,140)
Total deferred grant income$18,921 $21,651 
Assets placed in service, gross$22,197 $16,890 
Construction-in-progress 3,909 
Cumulative amounts applied against depreciation expense for assets placed in service(3,276)(703)
Carrying value of property and equipment, net18,92120,096
Estimated future capital expenditures 1,555 
Total deferred grant income$18,921 $21,651 
Deferred grant income, current$3,656 $3,535 
Deferred grant income, non-current15,265 18,116 
Total deferred grant income$18,921 $21,651 
The current portion of deferred grant income on our condensed consolidated balance sheet represents the amounts expected to be offset against depreciation expense over the next twelve months. The non-current portion of deferred grant income includes amounts expected to be offset against depreciation expense in later periods.
We spent a total of $22.2 million on capital expenditures associated with the NIH Contract. As of September 30, 2022, the capacity expansion project has been completed and all of the related assets have been placed in service. During the three months ended September 30, 2022, we recognized $0.2 million of non-operating income associated with the contract, bringing the cumulative total of such income under the NIH Contract to $7.3 million.
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5. Revenue
Disaggregation of Revenue
The following tables present our revenue based upon the geographic location of our customers’ facilities, and by segment, for the three and nine months ended September 30, 2022 and 2021 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Americas$11,119 $13,013 $33,482 $47,656 
EMEA8,074 10,108 22,352 28,470 
Asia-Pacific6,453 5,383 15,093 16,190 
Total revenue$