false000177078700017707872023-11-022023-11-02

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): November 2, 2023

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10x Genomics, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39035
45-5614458
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
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:
Title of each class
Trading
Symbol
Name of each exchange
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.  ☐


Item 2.02 Results of Operations and Financial Condition.
On November 2, 2023, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2023. 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.
(d)Exhibits.
Exhibit No.
Description of Exhibits
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
10x Genomics, Inc.
By:
/s/ Eric S. Whitaker
Name:
Eric S. Whitaker
Title:
Chief Legal Officer
Date: November 2, 2023


Exhibit 99.1
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10x Genomics Reports Third Quarter 2023 Financial Results
PLEASANTON, Calif. November 2, 2023 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the third quarter ended September 30, 2023.
Recent Highlights
•Revenue was $153.6 million for the third quarter, a 17% increase over the corresponding period of 2022, driven by Xenium momentum.
•Advanced Xenium gene panel strategy, launching new targeted and custom kit configurations and introducing the Xenium Panel Designer self-service website.
•Expanded the capabilities of the Chromium Single Cell Gene Expression Flex assay to include high-throughput multiomic cellular profiling.
•Announced a partnership with Beckman Coulter Life Sciences to expand automation solutions for single cell assay workflows.
“We had another solid quarter of revenue growth driven by Xenium, as we continued to ramp operations and drive exceptional demand with researchers worldwide,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Xenium’s incredibly steep adoption curve in just three full quarters of launch has put the platform on a best-in-class trajectory. The extraordinary customer enthusiasm and demand we are seeing for this platform further strengthens our conviction in the spatial opportunity and validates our multi-platform strategy and investment.”
Third Quarter 2023 Financial Results
Revenue was $153.6 million for the third quarter of 2023, a 17% increase from $131.1 million for the corresponding prior year period.
Gross margin was 62% for the third quarter of 2023, as compared to 77% for the corresponding prior year period. The decrease in gross margin was primarily due to product mix primarily driven by the strength of Xenium instrument placements.
Operating expenses were $190.3 million for the third quarter of 2023, a 35% increase from $140.7 million for the corresponding prior year period. This increase was driven by $41.4 million of in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year. Other drivers of the increase in operating expenses this quarter include increased personnel expenses, including stock-based compensation.
Operating loss was $94.8 million for the third quarter of 2023, as compared to $40.0 million for the corresponding prior year period. Operating loss includes $41.4 million of in-process research and development expense and $40.2 million of stock-based compensation for the third quarter of 2023, as compared to $33.5 million of stock-based compensation for the corresponding prior year period.
Net loss was $93.0 million for the third quarter of 2023, as compared to a net loss of $41.9 million for the corresponding prior year period.
Cash and cash equivalents and marketable securities were $356.9 million as of September 30, 2023.
2023 Financial Guidance
10x Genomics is raising its full year 2023 revenue guidance and now expects revenue in the range of $610 million to $625 million, representing 18% to 21% growth over full year 2022.
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Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the third quarter 2023 financial results, business developments and outlook after market close on Thursday, November 2, 2023 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn or X (Twitter).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s product momentum and progress, our expected performance advantages and benefits of using our products and services, customer enthusiasm and adoption of our products and our financial performance and results of operations, including our expectations regarding revenue and guidance. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management, and actual outcomes and results could differ materially from these statements due to a number of factors. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K and elsewhere in the documents 10x Genomics, Inc. files with the Securities and Exchange Commission from time to time.
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 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 of adverse geopolitical and macroeconomic events, difficulties selling in APAC, product capabilities and adoption rates, international economic, political, legal, compliance, social and business factors, inflation and supply chain interruptions 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 (www.10xgenomics.com), 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.
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Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
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10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenue (1)
$153,644 $131,072 $434,748 $360,177 
Cost of revenue (2)
58,115 30,377 141,217 83,559 
Gross profit95,529 100,695 293,531 276,618 
Operating expenses:
Research and development (2)
66,507 67,290 205,065 202,053 
In-process research and development41,402 — 41,402 — 
Selling, general and administrative (2)
82,415 73,401 257,205 219,413 
Total operating expenses190,324 140,691 503,672 421,466 
Loss from operations(94,795)(39,996)(210,141)(144,848)
Other income (expense):
Interest income4,300 2,025 12,269 3,832 
Interest expense(1)(114)(25)(351)
Other expense, net(1,248)(1,950)(4,268)(4,193)
Total other income (expense)3,051 (39)7,976 (712)
Loss before provision for income taxes(91,744)(40,035)(202,165)(145,560)
Provision for income taxes1,242 1,879 3,982 3,225 
Net loss$(92,986)$(41,914)$(206,147)$(148,785)
Net loss per share, basic and diluted$(0.79)$(0.37)$(1.77)$(1.31)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted117,728,293 114,112,382 116,693,008 113,555,750 

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(1)The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company’s Visium and Xenium products:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Instruments
Chromium$12,231 $14,936 $36,716 $43,309 
Spatial22,711 5,963 48,357 6,755 
Total instruments revenue34,942 20,899 85,073 50,064 
Consumables
Chromium100,282 97,868 302,172 280,195 
Spatial14,091 10,239 37,067 23,796 
Total consumables revenue114,373 108,107 339,239 303,991 
Services4,329 2,066 10,436 6,122 
Total revenue$153,644 $131,072 $434,748 $360,177 
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Americas
United States$96,094 $75,345 $260,769 $202,159 
Americas (excluding United States)2,917 2,236 8,581 5,997 
Total Americas99,011 77,581 269,350 208,156 
Europe, Middle East and Africa32,019 27,927 91,687 74,067 
Asia-Pacific
China¹12,431 16,313 39,217 48,079 
Asia-Pacific (excluding China)10,183 9,251 34,494 29,875 
Total Asia-Pacific22,614 25,564 73,711 77,954 
Total Revenue$153,644 $131,072 $434,748 $360,177 
1 Includes Hong Kong effective from the first quarter of 2023. Comparative periods have been adjusted for this inclusion.
(2)Includes stock-based compensation expense as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)
2023202220232022
Cost of revenue$1,844 $1,281 $5,140 $3,748 
Research and development17,856 14,476 55,196 41,346 
Selling, general and administrative20,535 17,757 67,696 50,780 
Total stock-based compensation expense$40,235 $33,514 $128,032 $95,874 
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10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30,
2023		December 31,
2022
Assets
Current assets:
Cash and cash equivalents$311,264 $219,746 
Marketable securities45,643 210,238 
Restricted cash500 2,633 
Accounts receivable, net103,847 104,211 
Inventory80,917 81,629 
Prepaid expenses and other current assets20,177 16,578 
Total current assets562,348 635,035 
Property and equipment, net285,008 289,328 
Restricted cash2,974 4,974 
Operating lease right-of-use assets69,192 69,882 
Goodwill4,511 4,511 
Intangible assets, net21,833 22,858 
Other noncurrent assets2,674 2,392 
Total assets$948,540 $1,028,980 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$18,836 $21,599 
Accrued compensation and related benefits28,477 32,675 
Accrued expenses and other current liabilities36,256 59,779 
Deferred revenue11,143 7,867 
Operating lease liabilities10,005 9,037 
Total current liabilities104,717 130,957 
Operating lease liabilities, noncurrent88,468 86,139 
Other noncurrent liabilities10,139 6,141 
Total liabilities203,324 223,237 
Commitments and contingencies
Stockholders’ equity:
Preferred stock— — 
Common stock2 2 
Additional paid-in capital1,981,359 1,839,397 
Accumulated deficit(1,235,468)(1,029,321)
Accumulated other comprehensive loss(677)(4,335)
Total stockholders’ equity745,216 805,743 
Total liabilities and stockholders’ equity$948,540 $1,028,980 
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v3.23.3
Cover
Nov. 02, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 02, 2023
Entity Registrant Name 10x Genomics, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39035
Entity Tax Identification Number 45-5614458
Entity Address, Address Line One 6230 Stoneridge Mall Road
Entity Address, City or Town Pleasanton
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94588
City Area Code 925
Local Phone Number 401-7300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.00001 per share
Trading Symbol TXG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001770787
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