0001501134false00015011342023-11-082023-11-08

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: November 8, 2023
(Date of earliest event reported)
invitaelogoa.jpg
Invitae Corporation
(Exact name of the registrant as specified in its charter)
Delaware001-3684727-1701898
(State or other jurisdiction of(Commission(I.R.S. employer
incorporation or organization)File Number)identification number)
1400 16th Street, San Francisco, California 94103
(Address of principal executive offices, including zip code)
(415) 374-7782
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)

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 classTrading SymbolName of exchange on which registered
Common Stock, $0.0001 par value per shareNVTANew York Stock Exchange
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 2.02Results of Operations and Financial Condition.
On November 8, 2023, Invitae Corporation (the "Company") issued a press release announcing financial results for its fiscal quarter ended September 30, 2023. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.

(d) Exhibits 
Exhibit No.
Description
Press release issued by Invitae Corporation dated November 8, 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURE
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.
Dated: November 8, 2023
INVITAE CORPORATION
By:/s/ Ana J. Schrank
Name:Ana J. Schrank
Title:Chief Financial Officer



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Invitae Reports Third Quarter 2023 Financial Results

Reported revenue of $121.2 million, a year-over-year decrease of 9%; on a pro forma basis, taking into account exited businesses and geographies, revenue increased approximately 4%

Gross margin of 32.2% and non-GAAP gross margin of 52.4%; continued improvement in non-GAAP gross margin for nine consecutive quarters

Reaffirming 2023 financial guidance

SAN FRANCISCO – November 8, 2023 – Invitae (NYSE: NVTA), a leading medical genetics company, today announced results for the third quarter ended September 30, 2023.

“The Company executed well on key operating and financial metrics in the third quarter, and remains on track to meet or beat annual guidance,” said Ken Knight, president and chief executive officer of Invitae. “On the operational front, we added key executive talent and achieved a number of clinical milestones that should strengthen the health of our business, deliver continuing market expansion and further differentiate our testing portfolio from competitors.”

Third Quarter 2023 Financial Results Third quarter revenue decreased 9% to $121.2 million compared to $133.5 million in the same period in the prior year, primarily reflecting the impact of exited businesses and geographies completed in 2022. After adjusting for revenue of $17.2 million in the prior year period related to the discontinued businesses, third quarter revenue increased approximately 4% on a pro forma basis, with U.S. hereditary cancer testing volume achieving double-digit percentage growth compared to the prior year period.
•Gross profit was $39.1 million in the quarter, compared with $16.6 million in the same period of 2022, or 135.6% year-over-year growth. Non-GAAP gross profit was $63.6 million in the quarter, compared with $61.2 million in the third quarter of 2022, representing a year-over-year growth rate of 3.8%.
•Gross margin was 32.2% in the third quarter, compared with 12.4% a year ago. Non-GAAP gross margin was 52.4% compared with 45.9% in the third quarter of 2022. This represents Invitae’s ninth consecutive quarter of non-GAAP gross margin improvement.
•Operating expense for the third quarter of 2023 was $1.0 billion, compared with $306.5 million in the third quarter of 2022. Operating expense in the third quarter includes $877.3 million in restructuring, impairment and other costs primarily related to an impairment charge of the Company’s long-lived assets, compared with $125.2 million in the prior year period. Non-GAAP operating expense was $122.1 million for the third quarter of 2023, compared with $150.0 million for the third quarter of 2022. Non-GAAP operating expense as a percentage of revenue was 101%, compared with 112% in the third quarter of 2022.
•As of September 30, 2023, Invitae had $264.7 million of cash, cash equivalents, restricted cash and marketable securities compared to $557.1 million as of December 31, 2022.
•Net decrease in cash, cash equivalents, restricted cash and net changes in investments in the quarter was $72.2 million. Cash burn in the quarter was $64.1 million.


•Total patients served as of September 30, 2023 was approximately 4.4 million with 64% available for data sharing.
•Third quarter net loss per basic and diluted share of ($3.42) included impairment and losses on disposals of long-lived assets, net, employee severance and benefits and other restructuring costs of $877.3 million primarily related to fair market value assessment of the Company’s intangible assets. Third quarter non-GAAP net loss per basic and diluted share of ($0.10) excludes this charge. Compared to a year ago, net loss per basic and diluted share and non-GAAP net loss per basic and diluted share were ($1.27) and ($0.42), respectively.

Operational improvement efforts and expense control have resulted in margin expansion and stronger financial performance. In addition, the Company is engaging with stakeholders to strengthen the balance sheet, and the Board of Directors has formed a special committee focused on improving the Company’s capital structure. The Company is exploring a number of options, including, but not limited to, raising capital, asset sales, business and R&D refocusing efforts, capital expenditure and operating expense reductions and addressing its debt obligations.

Reaffirming Fiscal 2023 Outlook

For the full year, Invitae is reaffirming its fiscal 2023 outlook. The Company expects revenue in the range of $480-$500 million and non-GAAP gross margin in the range of 48-50%.

Ongoing cash burn includes cash, cash equivalents, marketable securities and restricted cash and excludes certain items. The Company continues to expect ongoing cash burn to be in the range of $220-$245 million in 2023. In 2023, cash burn will be higher than ongoing cash burn as a result of the Company’s voluntary repayment of its $135 million term loan in the first quarter of 2023.

Webcast and Conference Call Details

Management will host a conference call and webcast today at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to discuss financial results and recent developments. To access the conference call, please register at the link below:

https://www.netroadshow.com/events/login?show=62d0dec5&confId=56925

Upon registering, each participant will be provided with call details and access codes.

The live webcast of the call and slide deck may be accessed here or by visiting the investors section of the company's website at ir.invitae.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the company's website.

About Invitae

Invitae (NYSE: NVTA) is a leading medical genetics company trusted by millions of patients and their providers to deliver timely genetic information using digital technology. We aim to provide accurate and actionable answers to strengthen medical decision-making for individuals and their families. Invitae's genetics experts apply a rigorous approach to data and research, serving as the foundation of their mission to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.

To learn more, visit invitae.com and follow for updates on Twitter, Instagram, Facebook and LinkedIn @Invitae.



Safe Harbor Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s mission; the company’s future financial and operating results; the company’s focus, strategy, and roadmap; the company’s financial guidance for 2023; the company’s belief that the addition of executives and achievement of clinical milestones will strengthen the health of the company’s business, deliver continuing market expansion and differentiate the company’s testing portfolio from competitors; the objectives of the special committee; and the company’s beliefs regarding engagement with stakeholders and plans to explore various options. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the availability of and need for capital; the ability to service the company’s debt obligations; the ability of the company to successfully execute its strategic business realignment and achieve the intended benefits thereof on the expected timeframe or at all; unforeseen or greater than expected costs associated with the strategic business realignment; the risk that the disruption that may result from the realignment may harm the company’s business, market share or its relationship with customers or potential customers; risks related to the various options the company is exploring, including the fact that certain options may not be available to the company; the impact of inflation and the current economic environment on the company’s business; the company's ability to grow its business in a cost-efficient manner; the company's history of losses; the company’s ability to maintain important customer relationships; the company’s ability to compete; the company's need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; the applicability of clinical results to actual outcomes; risks associated with litigation; the company's ability to use rapidly changing genetic data to interpret test results accurately and consistently; laws and regulations applicable to the company's business; and the other risks set forth in the reports filed by the company with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.

Non-GAAP Financial Measures

To supplement the company’s consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), the company is providing several non-GAAP measures. These non-GAAP financial measures exclude certain items that are required by GAAP. In addition, these non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes these non-GAAP financial measures are useful to investors in evaluating the company’s ongoing operating results and trends. Management uses such non-GAAP information to manage the company’s business and monitor its performance.

Other companies, including companies in the same industry, may not use the same non-GAAP measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP measures as comparative measures. Because of these limitations, the company’s non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the non-GAAP reconciliations provided in the tables below and on the company’s website.

In addition, this press release includes the company’s non-GAAP gross margin and cash burn guidance, non-GAAP measures used to describe the company’s expected performance. The company has not presented a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, because the reconciliations could not be prepared without unreasonable effort. The information


necessary to prepare the reconciliations are not available on a forward-looking basis and cannot be accurately predicted. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measures.


Invitae Contacts:

Investor Relations
Hoki Luk
ir@invitae.com

Public Relations
Amy Hadsock
pr@invitae.com






INVITAE CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30,
2023		December 31,
2022
Assets  
Current assets:  
Cash and cash equivalents$158,007 $257,489 
Marketable securities96,566 289,611 
Accounts receivable82,507 96,148 
Inventory21,627 30,386 
Prepaid expenses and other current assets19,692 19,496 
Total current assets378,399 693,130 
Property and equipment, net65,446 108,723 
Operating lease assets61,639 106,563 
Restricted cash10,100 10,030 
Intangible assets, net— 1,012,549 
Other assets19,531 23,121 
Total assets$535,115 $1,954,116 
Liabilities and stockholders’ (deficit) equity
Current liabilities:
Accounts payable$25,185 $13,984 
Accrued liabilities84,729 74,388 
Operating lease obligations17,650 14,600 
Finance lease obligations3,948 5,121 
Convertible senior notes, net current portion
26,907 — 
Total current liabilities158,419 108,093 
Operating lease obligations, net of current portion134,945 134,386 
Finance lease obligations, net of current portion855 3,780 
Debt— 122,333 
Convertible senior notes, net1,127,830 1,470,783 
Convertible senior secured notes (at fair value)196,244 — 
Deferred tax liability— 8,130 
Other long-term liabilities226 4,775 
Total liabilities1,618,519 1,852,280 
Stockholders’ (deficit) equity:
Common stock29 25 
Accumulated other comprehensive income (loss)25,378 (80)
Additional paid-in capital5,061,131 4,931,032 
Accumulated deficit(6,169,942)(4,829,141)
Total stockholders’ (deficit) equity(1,083,404)101,836 
Total liabilities and stockholders’ (deficit) equity$535,115 $1,954,116 




INVITAE CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Revenue:
Test revenue$117,561 $128,839 $346,127 $381,518 
Other revenue3,680 4,697 13,002 12,331 
Total revenue121,241 133,536 359,129 393,849 
Operating expenses:
Cost of revenue82,186 116,956 258,102 324,412 
Research and development58,336 87,177 184,138 330,559 
Selling and marketing37,999 49,193 127,241 172,086 
General and administrative45,619 44,939 160,826 147,221 
Goodwill and IPR&D impairment— — — 2,313,047 
Restructuring, impairment and other costs
877,289 125,222 1,010,843 130,039 
Total operating expenses1,101,429 423,487 1,741,150 3,417,364 
Loss from operations(980,188)(289,951)(1,382,021)(3,023,515)
Other income (expense), net:
Gain (loss) on extinguishment of debt, net
229 — (10,593)— 
Debt issuance costs(845)— (20,704)— 
Change in fair value of convertible senior secured notes33,463 — 72,386 — 
Change in fair value of acquisition-related liabilities70 (527)337 15,666 
Other income, net4,843 2,399 15,105 3,971 
Total other income, net37,760 1,872 56,531 19,637 
Interest expense(5,850)(14,145)(23,366)(42,149)
Net loss before taxes(948,278)(302,224)(1,348,856)(3,046,027)
Income tax benefit6,171 1,068 8,055 39,551 
Net loss$(942,107)$(301,156)$(1,340,801)$(3,006,476)
Net loss per share, basic and diluted$(3.42)$(1.27)$(5.09)$(12.91)
Shares used in computing net loss per share, basic and diluted275,604 237,974 263,210 232,889 








INVITAE CORPORATION

Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 Nine Months Ended September 30,
 20232022
Cash flows from operating activities:  
Net loss$(1,340,801)$(3,006,476)
Adjustments to reconcile net loss to net cash used in operating activities:
Goodwill and IPR&D impairment— 2,313,047 
Impairments and losses on disposals of long-lived assets, net1,012,360 60,317 
Depreciation and amortization100,403 104,726 
Stock-based compensation85,554 164,314 
Amortization of debt discount and issuance costs5,483 11,676 
Loss on extinguishment of debt, net10,593 — 
Debt issuance costs20,704 — 
Change in fair value of convertible senior secured notes(72,386)— 
Remeasurements of liabilities associated with business combinations(337)(15,666)
Benefit from income taxes(8,055)(39,551)
Post-combination expense for acceleration of unvested equity and deferred stock compensation1,789 4,980 
Amortization of premiums and discounts on investment securities(6,259)603 
Non-cash lease expense9,309 6,832 
Other2,211 (1,314)
Changes in operating assets and liabilities, net of businesses acquired:
Accounts receivable13,641 (22,903)
Inventory8,759 3,614 
Prepaid expenses and other current assets(196)9,012 
Other assets(139)2,740 
Accounts payable8,135 (6,345)
Accrued expenses and other long-term liabilities(6,966)(540)
Net cash used in operating activities(156,198)(410,934)
Cash flows from investing activities:
Purchases of marketable securities(231,044)(789,622)
Proceeds from maturities of marketable securities430,440 541,313 
Purchases of property and equipment(4,669)(48,385)
Proceeds from sale of property and equipment332 — 
Net cash provided by (used in) investing activities195,059 (296,694)
Cash flows from financing activities:
(Loss) proceeds from public offerings of common stock, net of issuance costs
(55)9,658 
Proceeds from issuance of common stock, net2,170 6,267 
Proceeds from issuance of Series B convertible senior secured notes due 202830,001 — 
Payments for debt issuance costs and prepayment fees(25,974)— 
Repayment of debt(135,000)— 
Finance lease principal payments(3,886)(4,184)
Settlement of acquisition obligations(5,529)(10,582)
Net cash (used in) provided by financing activities(138,273)1,159 
Net decrease in cash, cash equivalents and restricted cash(99,412)(706,469)
Cash, cash equivalents and restricted cash at beginning of period267,519 933,525 
Cash, cash equivalents and restricted cash at end of period$168,107 $227,056 


INVITAE CORPORATION

Reconciliation of GAAP to Non-GAAP Cost of Revenue
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Cost of revenue$82,186 $116,956 $258,102 $324,412 
Amortization of acquired intangible assets(24,082)(27,711)(77,122)(73,618)
Acquisition-related stock-based compensation(44)(146)(146)(425)
Acquisition-related post-combination expense— (162)— (1,053)
Restructuring-related retention bonuses(7)(170)(145)(170)
Inventory and prepaid write-offs(388)(16,467)(1,362)(16,467)
Non-GAAP cost of revenue$57,665 $72,300 $179,327 $232,679 


Reconciliation of GAAP to Non-GAAP Gross Profit
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenue$121,241 $133,536 $359,129 $393,849 
Cost of revenue82,186 116,956 258,102 324,412 
Gross profit39,055 16,580 101,027 69,437 
Amortization of acquired intangible assets24,082 27,711 77,122 73,618 
Acquisition-related stock-based compensation44 146 146 425 
Acquisition-related post-combination expense— 162 — 1,053 
Restructuring-related retention bonuses7 170 145 170 
Inventory and prepaid write-offs388 16,467 1,362 16,467 
Non-GAAP gross profit$63,576 $61,236 $179,802 $161,170 


Reconciliation of GAAP to Non-GAAP Research and Development Expense
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Research and development$58,336 $87,177 $184,138 $330,559 
Amortization of acquired intangible assets— (306)(90)(1,338)
Acquisition-related stock-based compensation(14,921)(18,695)(43,448)(65,719)
Acquisition-related post-combination expense(141)(1,962)(1,825)(7,186)
Restructuring-related retention bonuses(669)(646)(2,052)(646)
Restructuring-related accelerated depreciation(125)(3,311)(341)(3,311)
Non-GAAP research and development$42,480 $62,257 $136,382 $252,359 








INVITAE CORPORATION

Reconciliation of GAAP to Non-GAAP Selling and Marketing Expense
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Selling and marketing$37,999 $49,193 $127,241 $172,086 
Amortization of acquired intangible assets(1,569)(1,610)(4,707)(4,856)
Acquisition-related stock-based compensation— (806)(750)(2,374)
Restructuring-related retention bonuses(105)(115)(565)(115)
Non-GAAP selling and marketing$36,325 $46,662 $121,219 $164,741 


Reconciliation of GAAP to Non-GAAP General and Administrative Expense
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
General and administrative$45,619 $44,939 $160,826 $147,221 
Change in fair value of contingent consideration— — — 1,850 
Acquisition-related stock-based compensation(1,181)(3,438)(3,524)(6,656)
Restructuring-related retention bonuses(1,149)(300)(2,402)(300)
Restructuring-related accelerated depreciation— (111)— (111)
Non-GAAP general and administrative$43,289 $41,090 $154,900 $142,004 


Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Research and development$58,336 $87,177 $184,138 $330,559 
Selling and marketing37,999 49,193 127,241 172,086 
General and administrative45,619 44,939 160,826 147,221 
Goodwill and IPR&D impairment— — — 2,313,047 
Restructuring, impairment and other costs
877,289 125,222 1,010,843 130,039 
Operating expenses1,019,243 306,531 1,483,048 3,092,952 
Goodwill and IPR&D impairment— — — (2,313,047)
Restructuring, impairment and other costs
(877,289)(125,222)(1,010,843)(130,039)
Change in fair value of contingent consideration— — — 1,850 
Amortization of acquired intangible assets(1,569)(1,916)(4,797)(6,194)
Acquisition-related stock-based compensation(16,102)(22,939)(47,722)(74,749)
Acquisition-related post-combination expense(141)(1,962)(1,825)(7,186)
Restructuring-related retention bonuses(1,923)(1,061)(5,019)(1,061)
Restructuring-related accelerated depreciation(125)(3,422)(341)(3,422)
Non-GAAP operating expenses$122,094 $150,009 $412,501 $559,104 




INVITAE CORPORATION


Reconciliation of Other Income, Net to Non-GAAP Other Income, Net
(in thousands)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Other income, net$37,760 $1,872 $56,531 $19,637 
Change in fair value of acquisition-related liabilities(70)527 (337)(15,666)
Non-GAAP other income, net$37,690 $2,399 $56,194 $3,971 



Reconciliation of Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
(in thousands, except per share data)
(unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Net loss$(942,107)$(301,156)$(1,340,801)$(3,006,476)
Goodwill and IPR&D impairment— — — 2,313,047 
Restructuring, impairment and other costs
877,289 125,222 1,010,843 130,039 
Change in fair value of contingent consideration— — — (1,850)
Change in fair value of acquisition-related assets and liabilities(70)527 (337)(15,666)
Amortization of acquired intangible assets25,651 29,627 81,919 79,812 
Acquisition-related stock-based compensation16,146 23,085 47,868 75,174 
Acquisition-related post-combination expense141 2,124 1,825 8,239 
Restructuring-related retention bonuses1,930 1,231 5,164 1,231 
Restructuring-related accelerated depreciation125 3,422 341 3,422 
Inventory and prepaid write-offs388 16,467 1,362 16,467 
Acquisition-related income tax benefit(6,180)(1,390)(6,810)(40,195)
Non-GAAP net loss$(26,687)$(100,841)$(198,626)$(436,756)
Net loss per share, basic and diluted$(3.42)$(1.27)$(5.09)$(12.91)
Non-GAAP net loss per share, basic and diluted$(0.10)$(0.42)$(0.75)$(1.88)
Shares used in computing net loss per share, basic and diluted275,604 237,974 263,210 232,889 




INVITAE CORPORATION

Reconciliation of Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash to Cash Burn
(in thousands)
(unaudited)
 Three Months Ended
Nine Months Ended
 March 31, 2023June 30, 2023September 30, 2023September 30, 2023
Net cash used in operating activities$(34,398)$(54,905)$(66,895)$(156,198)
Net cash provided by investing activities73,878 116,064 5,117 195,059 
Net cash (used in) provided by financing activities(135,768)876 (3,381)(138,273)
Net (decrease) increase in cash, cash equivalents and restricted cash(96,288)62,035 (65,159)(99,412)
Adjustments:
Net changes in investments(75,202)(117,146)(7,048)(199,396)
Loss from public offerings of common stock, net of issuance costs
— — 55 55 
Proceeds from issuance of Series B convertible senior secured notes due 2028, net of issuance costs(22,435)1,763 8,016 (12,656)
Cash burn$(193,925)$(53,348)$(64,136)$(311,409)
• Cash burn for the three months ended March 31, 2023 includes $135.0 million repayment of debt, $8.1 million of prepayment fees, $3.7 million in restructuring-related cash payments, and $1.5 million of acquisition-related payments.
• Cash burn for the three months ended September 30, 2023 includes $4.1 million of acquisition-related payments.





v3.23.3
Cover
Nov. 08, 2023
Cover [Abstract]  
Document Period End Date Nov. 08, 2023
Entity Registrant Name Invitae Corporation
Document Type 8-K
Entity Incorporation, State or Country Code DE
Entity File Number 001-36847
Entity Tax Identification Number 27-1701898
Entity Central Index Key 0001501134
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol NVTA
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Address, Address Line One 1400 16th Street
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94103
City Area Code 415
Local Phone Number 374-7782
Entity Emerging Growth Company false
Amendment Flag false
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