PacBio Files 8-K/A Amendment on Exit Costs
Ticker: PACB · Form: 8-K/A · Filed: Aug 7, 2024 · CIK: 1299130
Sentiment: neutral
Topics: amendment, exit-costs, disposal-activities
Related Tickers: PACB
TL;DR
PacBio amended its 8-K filing regarding exit/disposal costs from April 16, 2024.
AI Summary
Pacific Biosciences of California, Inc. filed an amendment (8-K/A) on August 7, 2024, to its report originally filed on April 16, 2024. This amendment pertains to costs associated with exit or disposal activities, with the earliest event reported on April 16, 2024.
Why It Matters
This filing provides updated information regarding costs associated with the company's exit or disposal activities, which could impact its financial reporting and future operational plans.
Risk Assessment
Risk Level: low — The filing is an amendment to a previous report and concerns routine disclosure of exit or disposal costs, not a new material event.
Key Numbers
- 001-34899 — SEC File Number (Registrant's SEC file number)
- 16-1590339 — IRS Number (Registrant's IRS Employer Identification No.)
Key Players & Entities
- Pacific Biosciences of California, Inc. (company) — Registrant
- 0001299130-24-000165 (filing_id) — Accession Number
- April 16, 2024 (date) — Date of earliest event reported
- August 7, 2024 (date) — Filing Date of Amendment
FAQ
What is the primary purpose of this 8-K/A filing?
The primary purpose is to amend a previous 8-K filing to provide updated information regarding costs associated with exit or disposal activities.
When was the original report filed, and what was the earliest event date reported?
The original report was filed on April 16, 2024, and the earliest event reported was also April 16, 2024.
What specific item information is being addressed in this amendment?
This amendment addresses Item Information concerning 'Costs Associated with Exit or Disposal Activities'.
What is the company's principal executive office address?
The company's principal executive offices are located at 1305 O'Brien Drive, Menlo Park, California 94025.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 3826, which corresponds to Laboratory Analytical Instruments.
Filing Stats: 930 words · 4 min read · ~3 pages · Grade level 14.5 · Accepted 2024-08-07 16:09:35
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share PACB The NASDAQ Stock Market
- $27 million — ense Reduction Plan to be approximately $27 million in fiscal 2024, consisting primarily of
- $10 million — marily of the following: approximately $10 million of compensation and benefits afforded t
- $12 million — to terminated employees; approximately $12 million associated with the closure of the San
- $4 million — lease related costs; and approximately $4 million of charges for excess inventory due to
- $21 million — expects cash expenses of approximately $21 million related to the Expense Reduction Plan,
- $11 million — erminated employees; and approximately $11 million associated with the closure of the San
Filing Documents
- pacb-20240416.htm (8-K/A) — 26KB
- 0001299130-24-000165.txt ( ) — 151KB
- pacb-20240416.xsd (EX-101.SCH) — 2KB
- pacb-20240416_lab.xml (EX-101.LAB) — 22KB
- pacb-20240416_pre.xml (EX-101.PRE) — 13KB
- pacb-20240416_htm.xml (XML) — 3KB
05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES
ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES. On April 16, 2024 Pacific Biosciences of California, Inc., a Delaware corporation (the "Company") filed a Current Report on Form 8-K regarding a plan to reduce its annualized run-rate operating expenses to better align its organizational structure and resources with its strategic initiatives (the "Expense Reduction Plan"). At that time the Company was unable to make a determination of the estimated amount or range of amounts to be incurred in connection with the Expense Reduction Plan. At this time, the Company expects to incur charges related to the Expense Reduction Plan to be approximately $27 million in fiscal 2024, consisting primarily of the following: approximately $10 million of compensation and benefits afforded to terminated employees; approximately $12 million associated with the closure of the San Diego office and related costs, including lease related costs; and approximately $4 million of charges for excess inventory due to a decrease in internal demand relating to the expense reduction initiatives. Of the charges expected to be incurred outlined above, the Company currently expects cash expenses of approximately $21 million related to the Expense Reduction Plan, consisting primarily of the following: approximately $10 million of compensation and benefits afforded to terminated employees; and approximately $11 million associated with the closure of the San Diego office and related costs, including lease related costs. The Company expects to recognize substantially all of these charges in the second and third quarter of fiscal 2024. While the Company has estimated the above charges based on information currently available, the estimates are subject to change based on various factors, including actual costs incurred in closing the San Diego office and related activities. In addition, the Company may incur additional costs and charges in connection with the Expense Reduction Plan. Th