Pacific Biosciences of California Inc 2025年度报告

Dear PacBio Stockholders, For decades, patients with rare diseases have endured years-long diagnostic odysseys, oftenundergoing numerous and expensive genomic tests inan effortto understand the geneticbasis of their condition,frequently without ever receiving a definitive answer. Despite thename, rare diseases are not rare. More than 6,000 distinct rare diseases affect approximately300 million people worldwide, with over 70% believed to have a genetic origin. PacBio aims to change that. PacBio’s HiFi sequencing,refined over more than a decade and now established as a leadinglong-read sequencing technology, is increasingly being adopted by research hospitals andclinical investigators as a front-line approach to uncover the genetic causes of disease, indaysnot years. A single HiFi dataset can replace multiple, often inconclusive assaystraditionally used to interrogate genomic variation, delivering more comprehensive andactionable answers. And this is just the beginning. HiFi sequencing is enabling similarly powerful applications across oncology, AI-driven biology,population-scale genomics, and genetic screening. In 2025 and early 2026, we expandedthese opportunities through key partnerships. Our collaboration with Covaris enables high-quality HiFi sequencing from FFPE tumor samples, unlocking vast archives of clinicallyrelevant oncology data that have historically been difficult to access with long-readtechnologies. In parallel,our work with Basecamp Research positions HiFi sequencing at thefoundation of next-generation AI models, supporting large-scale initiatives such as the TrillionGene Atlas. One genome. One dataset. Clearer answers in days, not years. The Comprehensiveness of a HiFi Genome Drives Our Opportunity HiFi sequencing captures substantially all classes of genetic variation in a single assay withextremely high accuracy. It has the potential to replace fragmented, time-consumingworkflows with a single, comprehensive analysisimproving diagnostic yield while reducingtime to answer. At the same time, HiFi datasets represent one of the richest and mostcomplete representations of the genome, making them uniquely valuable for training AImodels and enabling new classes of biological insight. We are seeing increasedmomentum. In 2025, customers generated more than 60% year-over-year growth in HiFi sequencing data, and cumulative peer-reviewed publicationsapproached 12,000. As datasets expand and evidence continues to build, we believe clinical confidence will increase, AI-driven applications will accelerate, and HiFi sequencing willincreasingly serve as a single, comprehensive genomic assay. As the economics of HiFi sequencing improve, we expect adoption to continue expandingacross clinical, research, and AI-driven applications. We remain focused on driving theseimprovements. For example, SPRQ-Nx, our multi-use SMRT Cell technology, is designed to reduce the cost ofone of the most expensive components of sequencing by enabling multiple uses per cell. Thisapproach lowers cost per genome while increasing throughput. In early customer data, SPRQ-Nx delivered approximately25% higher output per SMRT Cell compared to SPRQ, along withimproved performance across key metrics. At scale, whole-genome HiFi sequencing can nowbe achieved at costs below $300 pergenome. This has the potential to unlock broader adoption across clinical settings,population-scale studies, and AI-based applications while also improving our gross marginsand overall business model. Driving Adoption Globally In 2025, consumables revenue reached record levels and became the primary driver ofgrowth, reflecting increased system utilization by our customers. In EMEA, revenue increased 45% year-over-year in the fourth quarterof 2025, driven primarilyby clinical customers transitioning from pilot programs to routine use. In Asia Pacific, regulatory progress continued to advance the market. Notably, regulatoryapproval for clinical HiFi long-read sequencing in China was achieved through our partnerBerry Genomics, enabling routine clinical testing for conditions such as thalassemia. Webelieve this milestone will support increased adoption in the region. In the Americas, the academic funding environment remained constrained, impactinginstrument demand. While this trend may persist in the near term, it reinforces our strategicpriorities: expanding clinical adoption, increasing utilization, and broadening global access. Strengthening Our Core Business We also made meaningful progress in improving the financial foundation of the company. Revenue reached $160 million in 2025, including record consumables revenue of $82 million. Non-GAAP gross margin expanded to 40%, and non-GAAP operating expenses were reducedto approximately $230 million. (For a reconciliation to GAAP results, see Exhibit 99.1 to ourCurrent Report on Form 8-K filed with the SEC on February 12, 2026.) Cash burn improved significantly, and we exited the year with approx