PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
PACB · Laboratory Analytical Instruments · 310.6M shares · +14%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$72M (gross $8K, SBC $72M)
Reference price $1.37 · est. market cap ~$426M — last insider sale, 2026-04-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Long-read genomics-sequencing company with deep losses and cash burn, funded.
Strengths
- Strong liquidity — current ratio 5.1 (73rd)
Risks
- Deep losses — ROA -70%, negative equity
- Cash burn — FCF -$114M
- Sequencing-adoption/competition risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~36% of revenue from one customer/distributor — Comparison of the Years Ended December 31, 2025 and 2024 Years Ended December 31, (In thousands, except per share amounts) 2025 2024 $ Change % Change Revenue: Product revenue $ 135,758 $ 136
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +14%/yr over 4y (dilution, book value/share -100%)
- Cash burnNegative free cash flow (-113.9M)
- Strong balance sheetStrong balance sheet — $280M cash & investments, ~10 quarters of runway
- Notable holderHeld by 6 notable fund(s): ARK Investment Management LLC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 10 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-10214.5%
Return on assets
-69.7%
Revenue growth (QoQ)
-3.3%
Current ratio
5.1×
Free cash flow
-$114M
Tangible book value
-$328M
Cash & investments
$280M
Cash runway
10q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-08 | Gibson Christopher | Grant | 57K | — |
| 2026-04-01 | Gibson James R II | Sell | 88K | $1.37 |
| 2026-03-03 | Gibson Christopher | Grant | 54K | — |
| 2026-03-03 | HENRY CHRISTIAN O | Sell | 12K | $1.51 |
| 2026-03-03 | Van Oene Mark | Sell | 6.5K | $1.51 |
| 2026-03-03 | Farmer Michele | Sell | 3.0K | $1.51 |
| 2026-02-27 | Farmer Michele | Grant | 90K | — |
| 2026-02-27 | Gibson James R II | Grant | 334K | — |
| 2026-02-27 | Van Oene Mark | Grant | 500K | — |
| 2026-02-27 | HENRY CHRISTIAN O | Grant | 921K | — |
| 2026-02-18 | Farmer Michele | Sell | 15K | $1.63 |
| 2026-02-18 | Van Oene Mark | Sell | 55K | $1.63 |
| 2026-02-18 | HENRY CHRISTIAN O | Sell | 141K | $1.63 |
| 2026-02-17 | Farmer Michele | Sell | 35K | $1.58 |
| 2026-02-17 | Van Oene Mark | Sell | 130K | $1.58 |
| 2026-02-17 | HENRY CHRISTIAN O | Sell | 332K | $1.58 |
| 2025-08-18 | Van Oene Mark | Sell | 27K | $1.31 |
| 2025-05-19 | Farmer Michele | Sell | 5.2K | $1.00 |
| 2025-03-31 | Gibson James R II | Grant | 1.0M | — |
| 2025-03-19 | HENRY CHRISTIAN O | Grant | 921K | — |
| 2025-03-19 | Farmer Michele | Grant | 90K | — |
| 2025-03-19 | Van Oene Mark | Grant | 449K | — |
| 2025-03-03 | HENRY CHRISTIAN O | Sell | 12K | $1.41 |
| 2025-03-03 | Van Oene Mark | Sell | 6.5K | $1.41 |
| 2025-03-03 | Farmer Michele | Sell | 3.0K | $1.41 |
| 2025-02-18 | Farmer Michele | Sell | 24K | $1.88 |
| 2025-02-18 | Van Oene Mark | Sell | 101K | $1.88 |
| 2025-02-18 | HENRY CHRISTIAN O | Sell | 260K | $1.88 |
| 2025-01-30 | Smith Christopher M | Grant | 54K | — |
| 2025-01-10 | Van Oene Mark | Sell | 34K | $2.03 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-06 | Exec/director changeReg FD | filing ↗ |
| 2026-03-05 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-12 | ResultsExhibits | filing ↗ |
| 2026-02-03 | Exec/director change | filing ↗ |
| 2026-02-02 | Material agreementAcquisition/dispositionReg FDExhibits | filing ↗ |
| 2026-01-12 | ResultsOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-03 | 0001299130-26-000092 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001299130-26-000081 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001299130-26-000076 ↗ |
| 8-K | 2026-03-06 | 2026-03-02 | 0001299130-26-000053 ↗ |
| 8-K | 2026-03-05 | 2026-03-03 | 0001299130-26-000046 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001299130-26-000034 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001299130-26-000017 ↗ |
| 8-K | 2026-02-03 | 2026-01-28 | 0001299130-26-000012 ↗ |
| 8-K | 2026-02-02 | 2026-01-30 | 0001104659-26-009014 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001299130-26-000005 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001299130-25-000168 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001299130-25-000165 ↗ |