# EDGAR Filing Document

**Accession Number:** 0001770787
**File Stem:** 0001770787-23-000006
**Filing Date:** 2023-2
**Character Count:** 19556
**Document Hash:** 61c0ffcc10aec2f8c311f487f83ade51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001770787-23-000006.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001770787-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 10x Genomics, Inc.
- **CENTRAL INDEX KEY:** 0001770787
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY ANALYTICAL INSTRUMENTS [3826]
- **IRS NUMBER:** 455614458
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39035
- **FILM NUMBER:** 23635369

**BUSINESS ADDRESS:**
- **STREET 1:** 6230 STONERIDGE MALL ROAD
- **CITY:** PLEASANTON
- **STATE:** CA
- **ZIP:** 94588
- **BUSINESS PHONE:** (925) 401-7300

**MAIL ADDRESS:**
- **STREET 1:** 6230 STONERIDGE MALL ROAD
- **CITY:** PLEASANTON
- **STATE:** CA
- **ZIP:** 94588

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 10X Genomics, Inc.
- **DATE OF NAME CHANGE:** 20190315

?xml version="1.0" ? txg-20230215

**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 Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 15, 2023**

![txg-20230215_g1.jpg](txg-20230215_g1.jpg)

**10x Genomics, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39035** | **45-5614458** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

**6230 Stoneridge Mall Road**

**Pleasanton, California 94588**

**(925) 401-7300**

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**___________________________**

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:

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol** | **Name of each exchange**<br>**on which registered** |
| **Class A common stock, par value $0.00001 per share** | **TXG** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On February 15, 2023, 10x Genomics, Inc. (the "Company") issued a press release announcing the Company's financial results for the fourth quarter and full year ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d)*Exhibits.*

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibits |
| 99.1 | <u>[Press Release dated February 1](txg-fy2022earningsreleasee.htm)[5](txg-fy2022earningsreleasee.htm)[, 202](txg-fy2022earningsreleasee.htm)[3](txg-fy2022earningsreleasee.htm)[.](txg-fy2022earningsreleasee.htm)</u> |

---

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**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.

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| | | | |
|:---|:---|:---|:---|
| | | 10x Genomics, Inc. | 10x Genomics, Inc. |
| | | By: | /s/ Eric S. Whitaker |
| | | Name: | Eric S. Whitaker |
| | | Title: | Chief Legal Officer |
| Date: | February 15, 2023 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![a10x_logoxhorizontalxfullc.jpg](a10x_logoxhorizontalxfullc.jpg)

**10x Genomics Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Outlook for 2023**

*Q4 2022 revenue growth of 9% and FY 2022 revenue growth of 5% over the corresponding periods of 2021*

**PLEASANTON, Calif.** February 15, 2023 – 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided outlook for 2023.

**Recent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $156.2 million for the fourth quarter and $516.4 million for the full year of 2022, representing 9% and 5% increases over the corresponding periods of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;• Increased cumulative instruments sold to more than 4,600 as of the end of 2022, driven by continued adoption of Chromium X Series instruments and strong demand for Visium CytAssist.

&nbsp;&nbsp;&nbsp;&nbsp;• Began shipping the Xenium platform for in situ analysis, delivering key performance advantages in data quality, workflow and throughput through highly differentiated chemistry, hardware and software.

&nbsp;&nbsp;&nbsp;&nbsp;• Unveiled new data and showcased key advances and future development directions for all three platforms at the 2023 Advances in Genome Biology and Technology General Meeting.

"The clear highlight of 2022 was the velocity of our innovation engine as our team delivered catalytic launches across all three platforms," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "We finished the year with momentum and in a strong position to capture the massive opportunities ahead."

**Fourth Quarter 2022 Financial Results**

Revenue was $156.2 million for the three months ended December 31, 2022, a 9% increase from $143.5 million for the three months ended December 31, 2021. This increase was primarily the result of higher consumables revenue in the Americas and EMEA regions partially offset by a decline in China, and overall higher volume of instruments sold including the sales of our newly introduced Xenium instruments, partially offset by unfavorable foreign currency exchange fluctuations.

Gross margin was 76% for the fourth quarter of 2022, as compared to 81% for the corresponding prior year period. The decrease in gross margin was primarily due to change in product mix with newly introduced products.

Operating expenses were $142.5 million for the fourth quarter of 2022, a 8% increase from $131.8 million for the corresponding prior year period. The increase in operating expenses was primarily driven by higher personnel expenses, including stock-based compensation and restructuring costs, increased costs for facilities and information technology to support operational expansion and higher legal expenses, partially offset by lower costs for laboratory materials and supplies and a decrease in marketing expenses.

Operating loss was $23.1 million for the fourth quarter of 2022, as compared to an operating loss of $15.8 million for the corresponding prior year period. Operating loss also includes $41.0 million of stock-based compensation for the fourth quarter of 2022, as compared to $26.9 million for the fourth quarter of 2021.

Net loss was $17.2 million for the fourth quarter of 2022, as compared to a net loss of $18.4 million for the corresponding prior year period.

**Full Year 2022 Financial Results** 

Revenue was $516.4 million for the year ended December 31, 2022, a 5% increase from $490.5 million for 2021.

Gross margin was 77% for full year 2022, as compared to 85% for 2021. The decrease in gross margin was primarily due to higher accrued royalties including a one-time reversal of $14.7 million of previously accrued royalties in 2021, change in product mix with newly introduced products and increased manufacturing and logistics costs.

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![a10x_logoxhorizontalxfullc.jpg](a10x_logoxhorizontalxfullc.jpg)

Operating expenses were $564.0 million for full year 2022, as compared to $468.7 million for 2021, an increase of 20%. The increase in operating expenses was primarily due to higher personnel expenses, including stock-based compensation and restructuring costs, increased expenses related to laboratory materials and supplies to support our research and development efforts and increased facilities and information technology costs to support operational expansion, partially offset by lower legal expenses, consulting and professional services and marketing expenses.

Operating loss was $167.9 million for full year 2022, as compared to an operating loss of $52.3 million for 2021. This includes $136.8 million of stock-based compensation for full year 2022, as compared to $96.0 million for full year 2021.

Net loss was $166.0 million for full year 2022, as compared to a net loss of $58.2 million for 2021.

Cash and cash equivalents and marketable securities were $430.0 million as of December 31, 2022.

**2023 Financial Guidance** 

10x Genomics expects full year 2023 revenue to be in the range of $580 million to $600 million, representing 12% to 16% growth over full year 2022 revenue.

**Webcast and Conference Call Information**

10x Genomics will host a conference call to discuss the fourth quarter and full year 2022 financial results, business developments and outlook after market close on Wednesday, February 15, 2023 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at <u>http://investors.10xGenomics.com</u>. The webcast will be archived and available for replay for at least 45 days after the event.

**About 10x Genomics**

10x Genomics is a life science technology company building products to interrogate, understand and master biology to advance human health. Our integrated solutions include instruments, consumables and software for analyzing biological systems at a resolution and scale that matches the complexity of biology. 10x Genomics products have been adopted by researchers around the world including in all of the top 100 global research institutions as ranked by Nature in 2021 based on publications and all of the top 20 global pharmaceutical companies by 2021 research and development spend and have been cited in over 4,500 research papers on discoveries ranging from oncology to immunology and neuroscience. Our patent portfolio comprises more than 1,750 issued patents and patent applications.

**Forward Looking Statements**

Although 10x Genomics, Inc. believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of

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![a10x_logoxhorizontalxfullc.jpg](a10x_logoxhorizontalxfullc.jpg)

activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments 10x Genomics may make. Further, such forward-looking statements may not accurately or fully reflect the potential impact that the COVID-19 pandemic may have on the business, financial condition, results of operations and cash flows of 10x Genomics, Inc. The forward-looking statements in this press release are based on information available to 10x Genomics, Inc. as of the date hereof, and 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release.

**Disclosure Information**

10x Genomics uses filings with the Securities and Exchange Commission, our website (<u>www.10xgenomics.com</u>), press releases, public conference calls, public webcasts and our social media accounts as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

**Contacts**

Investors: <u>investors@10xgenomics.com</u>

Media: <u>media@10xgenomics.com</u>

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![a10x_logoxhorizontalxfullc.jpg](a10x_logoxhorizontalxfullc.jpg)

**10x Genomics, Inc.**

**Consolidated Statement of Operations**

*(Unaudited)*

*(In thousands, except share and per share data)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Revenue | $156232 | $143530 | $516409 | $490490 |
| Cost of revenue (1) | 36827 | 27597 | 120386 | 74091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 119405 | 115933 | 396023 | 416399 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development (1) | 63614 | 61884 | 265667 | 211752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative (1) | 78887 | 69879 | 298300 | 257560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued contingent liabilities |  |  |  | (660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 142501 | 131763 | 563967 | 468652 |
| Loss from operations | (23096) | (15830) | (167944) | (52253) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2815 | 49 | 6647 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (125) | (217) | (476) | (866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 3995 | 5 | (198) | (802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 6685 | (163) | 5973 | (1462) |
| Loss before provision for income taxes | (16411) | (15993) | (161971) | (53715) |
| Provision for income taxes | 804 | 2456 | 4029 | 4508 |
| Net loss | $(17215) | $(18449) | $(166000) | $(58223) |
| Net loss per share, basic and diluted | $(0.15) | $(0.16) | $(1.46) | $(0.53) |
| Weighted-average shares used to compute net loss per share, basic and diluted | 114757572 | 111896429 | 113858684 | 110347937 |

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(1)Includes stock-based compensation expense as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| **(in thousands)** | **2022** | **2021** | **2022** | **2021** |
| Cost of revenue | $1511 | $1048 | $5259 | $3231 |
| Research and development | 17865 | 11808 | 59211 | 41970 |
| Selling, general and administrative | 21598 | 14048 | 72378 | 50761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $40974 | $26904 | $136848 | $95962 |

---

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![a10x_logoxhorizontalxfullc.jpg](a10x_logoxhorizontalxfullc.jpg)

**10x Genomics, Inc.**

**Consolidated Balance Sheets**

*(Unaudited)*

*(In thousands, except share and per share data)*

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $219746 | $587447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 210238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2633 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 104211 | 85254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 81629 | 59966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 16578 | 13896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 635035 | 747591 |
| Property and equipment, net | 289328 | 169492 |
| Restricted cash | 4974 | 7598 |
| Operating lease right-of-use assets | 69882 | 60918 |
| Goodwill | 4511 | 4511 |
| Intangible assets, net | 22858 | 25397 |
| Other noncurrent assets | 2392 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1028980 | $1018826 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $21599 | $17351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related benefits | 32675 | 31626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 59779 | 50909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 7867 | 5340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 9037 | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 130957 | 110357 |
| Accrued license fee, noncurrent |  | 5814 |
| Operating lease liabilities, noncurrent | 86139 | 76847 |
| Other noncurrent liabilities | 6141 | 8240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 223237 | 201258 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of December 31, 2022 and December 31, 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value; 1,100,000,000 shares authorized and 115,195,009 and 112,514,977 shares issued and outstanding as of December 31, 2022 and 2021 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1839397 | 1680865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1029321) | (863321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (4335) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 805743 | 817568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1028980 | $1018826 |

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