Company: PACB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001299130-25-000156
Chunk: 82

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 82
---
 equity plans.Stock OptionsThe following table summarizes stock option activity for time-based awards:(shares in thousands)Numberof sharesWeightedaverageexercise priceOutstanding at December 31, 202410,509$11.09 Granted 8,2901.22 Canceled(1,892)8.31 Expired(358)6.52 Outstanding at June 30, 202516,549$6.57 Restricted Stock Units ("RSU") and Performance Stock Units ("PSU")We issue RSUs for which the respective shares vest when the requisite service period is achieved. We issue PSUs for which the number of shares issuable is based on performance relative to specified revenue targets and continued employment through the vesting period. The PSUs are issuable following the third year of the performance period. Maximum achievement of the revenue goal under the PSUs will result in up to 200% of the target number of shares subject to the PSUs to become eligible to vest, while not meeting the minimum achievement of the revenue goal under the PSUs will result in no shares subject to the PSUs becoming eligible to vest. The following table summarizes the time-based RSUs and PSUs activity: Restricted Stock Units (RSU)Performance Stock Units (PSU)Weighted average grant datefair value(shares in thousands)RSUPSUOutstanding at December 31, 202414,211 392 $7.41 $9.43 Granted11,814 — 1.25 — Vested(4,179)— 9.34 — Forfeited(2,939)— 4.01 — Outstanding at June 30, 202518,907 392 $3.67 $9.43 Employee Stock Purchase Plan ("ESPP")Shares issued under our ESPP were 1,752,417 and 1,194,436 during the six months ended June 30, 2025 and 2024, respectively. In the first quarter of 2025, an additional 4.0 million shares were reserved under the ESPP. As of June 30, 2025, 16.5 million shares of our common stock remain available for issuance under our ESPP.Share-based CompensationThe following table summarizes share-based compensation expense:Three Months Ended June 30,Six Months Ended June 30,(In thousands)2025202420252024Cost of revenue$925 $