Invitae Corp - 10-K filing on 2016-03-10

Balance sheet components

12 Months Ended

Dec. 31, 2015

3. Balance sheet components

Cash equivalents and marketable securities

The following is a summary of cash equivalents and marketable securities (in thousands).

	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	39,998	$	—	$	—		$	39,998
U.S. treasury notes		4,006		—		—			4,006
U.S. government agency securities		65,586		1		(16	)		65,571

	$	109,590	$	1	$	(16	)	$	109,575


Reported as:
Cash equivalents								$	50,964
Restricted cash									4,831
Marketable securities									53,780

Total cash equivalents, restricted cash and marketable securities								$	109,575

	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Money market funds	$	15,167	$	—	$	—	$	15,167

	$	15,167	$	—	$	—	$	15,167


Reported as:
Cash equivalents							$	15,017
Restricted cash								150

Total cash equivalents, and restricted cash							$	15,167

The following table summarizes the available-for-sale securities that were in an unrealized loss position as of December 31, 2015, having been in such a position for less than 12 months, and none having been deemed to be other-than-temporarily impaired (in thousands):

		Gross Unrealized Losses			Estimated Fair Value
U.S. government agency securities		$	16		$	42,034

None of the available-for-sale securities held as of December 31, 2015 has been in a continuous unrealized loss position for more than one year. As of December 31, 2015, unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.

At December 31, 2015, the remaining contractual maturities of available-for-sale securities were less than one year. For the year ended December 31, 2015, realized gains or losses on available-for-sale securities were de minimis. There were no available-for-sale marketable securities held by the Company at December 31, 2014.

Property and equipment, net

Property and equipment consisted of the following (in thousands):

	December 31,
	2015			2014
Leasehold improvements	$	2,548		$	1,914
Laboratory equipment		10,461			6,528
Equipment under capital lease		8,224			3,735
Computer equipment		2,397			1,156
Software		2,368			831
Furniture and fixtures		210			158
Automobiles		20			—
Construction-in-progress		1,202			4,853

Total property and equipment, gross		27,430			19,175
Accumulated depreciation and amortization		(8,721	)		(3,503	)

Total property and equipment, net	$	18,709		$	15,672

Included in the construction-in-progress balance as of December 31, 2014 was $2.9 million of capital lease equipment that had not been placed in service. Depreciation and amortization expense was $5.3 million, $2.3 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):

	Year ended December 31,
	2015		2014
Accrued compensation and related expenses	$	2,307	$	1,439
Accrued laboratory materials purchases		426		—
Accrued professional services		272		1,030
Accrued costs for construction-in-progress		—		32
Other		1,248		736

Total accrued liabilities	$	4,253	$	3,237