false000177078700017707872024-10-242024-10-24

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): October 24, 2024

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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 October 29, 2024, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2024. 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 24, 2024, Mathai Mammen informed the Company of his decision to resign as a member of the Board of Directors (the “Board”) of the Company and the Nominating and Corporate Governance Committee of the Board, effective immediately. Dr. Mammen’s decision to resign was due solely to professional time commitments and is not due to any disagreement with the Company’s management team, operations, financial statements, policies or procedures.
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: October 29, 2024


Exhibit 99.1
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10x Genomics Reports Third Quarter 2024 Financial Results
PLEASANTON, Calif. October 29, 2024 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the third quarter ended September 30, 2024.
Recent Highlights
•Revenue was $151.7 million for the third quarter, in line with the company’s preliminary announcement, a 1% decrease over the corresponding period of 2023, primarily driven by lower instrument revenue, offset by stronger contributions from consumables.
•Began shipping GEM-X Flex, setting a new standard for the cost per cell for researchers and enabling them to run millions of cells for less than one cent per cell. GEM-X Flex also delivers a number of improvements that are particularly valuable for clinical FFPE samples.
•Launched GEM-X Universal Multiplex, enabling researchers to run more cost-effective single cell studies decreasing the cost per sample, even for small scale experiments.
•Began shipping Chromium Xo, providing a budget-friendly instrument for routine, high-performance single cell analysis.
“Our results this quarter fell short of our expectations given greater-than-anticipated disruption from the sales restructuring we implemented in the quarter and cautious customer spending. As these dynamics persist, especially under a difficult macro backdrop, our revenue growth this year will be lower than our previous expectations,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Despite these challenges, I am confident that the steps we are taking will enable us to reach more customers, execute consistently across the portfolio and drive the broad democratization of our technologies to reach the full potential of the large opportunity ahead.”
Third Quarter 2024 Financial Results
Revenue was $151.7 million for the third quarter of 2024, a 1% decrease from $153.6 million for the corresponding prior year period.
Gross margin was 70% for the third quarter of 2024, as compared to 62% for the corresponding prior year period. The increase in gross margin was primarily due to change in product mix.
Operating expenses were $147.9 million for the third quarter of 2024, a 22% decrease from $190.3 million for the corresponding prior year period. The decrease was primarily driven by a $41.4 million in-process research and development expense related to an agreement to acquire certain intangible and other assets in the prior year period.
Operating loss was $41.5 million for the third quarter of 2024, as compared to $94.8 million for the corresponding prior year period. Operating loss includes $33.9 million of stock-based compensation for the third quarter of 2024, as compared to $40.2 million of stock-based compensation for the corresponding prior year period. Operating loss in the third quarter of 2023 included $41.4 million of in-process research and development expense.
Net loss was $35.8 million for the third quarter of 2024, as compared to a net loss of $93.0 million for the corresponding prior year period.
Cash and cash equivalents were $398.2 million as of September 30, 2024.
2024 Financial Guidance
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10x Genomics is updating its outlook for the full year 2024. The company now expects revenue to be in the range of $595 million to $605 million versus a prior range of $640 million to $660 million. The updated range represents a 3% decrease from the full year 2023 revenue at the midpoint.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the third quarter 2024 financial results, business developments and outlook after market close on Tuesday, October 29, 2024, 2024 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 organization and organizational restructuring, commercial execution, opportunities, specifications, costs and adoption of 10x Genomics, Inc.’s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.’s products and services and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management's current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such 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. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics’ expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. 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 for the fiscal year ended December 31, 2023 and the company’s 10-Q for the quarter ended March 31, 2024 to be filed with the Securities and Exchange Commission (SEC) and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

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,
2024202320242023
Revenue (1)
$151,654 $153,644 $445,764 $434,748 
Cost of revenue (2)
45,261 58,115 142,237 141,217 
Gross profit106,393 95,529 303,527 293,531 
Operating expenses:
Research and development (2)
66,174 66,507 197,730 205,065 
In-process research and development— 41,402 — 41,402 
Selling, general and administrative (2)
81,704 82,415 250,517 257,205 
Total operating expenses147,878 190,324 448,247 503,672 
Loss from operations(41,485)(94,795)(144,720)(210,141)
Other income (expense):
Interest income4,971 4,300 14,422 12,269 
Interest expense(2)(1)(4)(25)
Other income (expense), net2,078 (1,248)982 (4,268)
Total other income, net7,047 3,051 15,400 7,976 
Loss before provision for income taxes(34,438)(91,744)(129,320)(202,165)
Provision for income taxes1,315 1,242 4,279 3,982 
Net loss$(35,753)$(92,986)$(133,599)$(206,147)
Net loss per share, basic and diluted$(0.30)$(0.79)$(1.11)$(1.77)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted120,733,030 117,728,293 120,067,168 116,693,008 

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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,
2024202320242023
Instruments
Chromium$7,641 $12,231 $24,283 $36,716 
Spatial11,415 22,711 44,078 48,357 
Total instruments revenue19,056 34,942 68,361 85,073 
Consumables
Chromium96,536 100,282 274,571 302,172 
Spatial29,668 14,091 85,330 37,067 
Total consumables revenue126,204 114,373 359,901 339,239 
Services6,394 4,329 17,502 10,436 
Total revenue$151,654 $153,644 $445,764 $434,748 
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,
2024202320242023
Americas
United States$84,723 $96,094 $250,032 $260,769 
Americas (excluding United States)3,099 2,917 10,511 8,581 
Total Americas87,822 99,011 260,543 269,350 
Europe, Middle East and Africa37,851 32,019 109,934 91,687 
Asia-Pacific
China15,030 12,431 42,692 39,217 
Asia-Pacific (excluding China)10,951 10,183 32,595 34,494 
Total Asia-Pacific25,981 22,614 75,287 73,711 
Total revenue$151,654 $153,644 $445,764 $434,748 
(2)Includes stock-based compensation expense as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)
2024202320242023
Cost of revenue$2,169 $1,844 $6,127 $5,140 
Research and development15,978 17,856 50,728 55,196 
Selling, general and administrative15,763 20,535 51,354 67,696 
Total stock-based compensation expense$33,910 $40,235 $108,209 $128,032 
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10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30,
2024		December 31,
2023
Assets
Current assets:
Cash and cash equivalents$398,159 $359,284 
Marketable securities— 29,411 
Accounts receivable, net83,525 114,832 
Inventory94,050 73,706 
Prepaid expenses and other current assets18,159 18,789 
Total current assets593,893 596,022 
Property and equipment, net258,759 279,571 
Operating lease right-of-use assets59,579 65,361 
Goodwill4,511 4,511 
Intangible assets, net16,149 16,616 
Other noncurrent assets4,903 3,062 
Total assets$937,794 $965,143 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$26,210 $15,738 
Accrued compensation and related benefits30,080 30,105 
Accrued expenses and other current liabilities37,770 56,648 
Deferred revenue17,760 13,150 
Operating lease liabilities9,415 11,521 
Total current liabilities121,235 127,162 
Operating lease liabilities, noncurrent76,461 83,849 
Deferred revenue, noncurrent12,349 8,814 
Other noncurrent liabilities4,945 4,275 
Total liabilities214,990 224,100 
Commitments and contingencies
Stockholders’ equity:
Preferred stock— — 
Common stock2 2 
Additional paid-in capital2,140,789 2,025,890 
Accumulated deficit(1,418,019)(1,284,420)
Accumulated other comprehensive income (loss)32 (429)
Total stockholders’ equity722,804 741,043 
Total liabilities and stockholders’ equity$937,794 $965,143 
5
v3.24.3
Cover
Oct. 24, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 24, 2024
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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