10X Genomics Files for $100 Million IPO

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10X Genomics filed the paperwork for its IPO on 8/19/19. The company will raise up to $100 Million. 10X provides instruments, consumables and software for or analyzing biological systems at a resolution and scale that "matches the complexity of biology." The company will trade on NASDAQ under the symbol "TXG."

10X provides solutions and products for:

  • Single Cell Gene Expression
  • Single Cell Immune Profiling
  • Single Cell ATAC
  • Spatial Cell Expression
  • Single Cell CNV
  • Linked-Reads Genomics

According to the filing prospectus, the company's revenue grew by 106% in 2018 compared to 2017 ($71.1 million to $146.3 million). For the six months ended June 30, 2018 and 2019, respectively, revenue grew at an annual growth rate of 85%. However, the company generated net losses of $18.8 million and $112.5 million for 2017 and 2018.

10X generated net losses of $21.6 million and $14.5 million for the six months ended June 30, 2018 and 2019, respectively. The $14.5 million net loss included a $15.9 million accrual for estimated royalties related to ongoing litigation according to its prospectus.

In January of 2019, the company announced the closing of a $35 Million Series D round. The round was led by Meritech Capital with Fidelity and Wells Fargo participating.