NONE 0001501134 false 0001501134 2024-06-28 2024-06-28

 

 

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): June 28, 2024

 

 

 

LOGO

Invitae Corporation

(Exact name of the registrant as specified in its charter)

 

 

 

Delaware   001-36847   27-1701898

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. employer

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 class

 

Trading
Symbol

 

Name of exchange

on which registered

Common Stock, $0.0001 par value per share   NVTA   *

 

*

On February 21, 2024, the New York Stock Exchange (“NYSE”) filed a Form 25 relating to the delisting from the NYSE of the Company’s common stock. The delisting became effective on March 2, 2024. The deregistration of the Company’s common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), became effective 90 days after the Form 25 filing. Upon deregistration of the Company’s common stock under Section 12(b) of the Exchange Act, the Company’s common stock remains registered under Section 12(g) of the Exchange Act. The Company’s common stock will continue to trade on the OTC Pink market under the symbol “NVTAQ.”

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. ☐

 

 

 


As previously disclosed, on February 13, 2024 (the “Petition Date”), Invitae Corporation (the “Company”) and certain of its direct and indirect subsidiaries (together with the Company, the “Company Parties”) filed voluntary petitions to commence proceedings under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”). The Chapter 11 Cases are being jointly administered under the caption In re Invitae Corporation, et al.

 

Item 7.01

Regulation FD Disclosure.

On June 28, 2024, the Company filed with the Bankruptcy Court its consolidated monthly operating report for the period ended May 31, 2024 (the “Monthly Operating Report”). The Monthly Operating Report is attached hereto as Exhibit 99.1. This Current Report on Form 8-K (including the exhibits hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD. The Monthly Operating Report, monthly operating reports filed on behalf of each of the other Company Parties, and other filings with the Bankruptcy Court related to the Chapter 11 Cases may be available online at www.kccllc.net/invitae. The documents and other information on this website are not part of this Current Report and shall not be incorporated by reference herein.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filing.

Cautionary Statement Regarding the Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws or rules and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

  

Description

99.1    Monthly Operating Report of Invitae Corporation for the period ended May 31, 2024 filed with the U.S. Bankruptcy Court for the District of New Jersey.
104    Cover 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: June 28, 2024

 

INVITAE CORPORATION
By:  

/s/ Thomas R. Brida

Name:   Thomas R. Brida
Title:   General Counsel

Exhibit 99.1

Case 24-11362-MBK Doc 701 Filed 06/28/24 Entered 06/28/24 15:22:06  Desc Main

Document    Page 1 of 27

Docket #0701 Date Filed: 06/28/2024

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF NEW JERSEY

 

In Re. Invitae Corporation    §      Case No. 24-11362
     §      Lead Case No. 24-11362
     §
 

Debtor(s)

   §     
          ☒ Jointly Administered

 

Monthly Operating Report         Chapter 11

 

Reporting Period Ended:    05/31/2024       Petition Date:    02/13/2024

 

Months Pending: 4                  Industry Classification:    6     2     1     5 

 

Reporting Method:    Accrual Basis  LOGO    Cash Basis  LOGO   

 

Debtor’s Full-Time Employees (current):    1,040     
Debtor’s Full-Time Employees (as of date of order for relief):    1,235     

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

 

Statement of cash receipts and disbursements

Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit

Statement of operations (profit or loss statement)

Accounts receivable aging

Postpetition liabilities aging

Statement of capital assets

Schedule of payments to professionals

Schedule of payments to insiders

All bank statements and bank reconciliations for the reporting period

Description of the assets sold or transferred and the terms of the sale or transfer

 

/s/ Michael D. Sirota

   

Michael D. Sirota

Signature of Responsible Party     Printed Name of Responsible Party
   

06/28/2024

    Court Plaza North, 25 Main Street, Hackensack, NJ
Date    

07601

    Address

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.

 

LOGO

 

UST Form 11-MOR (12/01/2021)    1   


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 2 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

Part 1: Cash Receipts and Disbursements

   Current Month      Cumulative  

a.   Cash balance beginning of month

   $ 135,404,083     
  

 

 

    

b.  Total receipts (net of transfers between accounts)

   $ 42,905,389      $ 140,916,194  
  

 

 

    

 

 

 

c.   Total disbursements (net of transfers between accounts)

   $ 51,136,417      $ 158,265,065  
  

 

 

    

 

 

 

d.  Cash balance end of month (a+b-c)

   $ 127,173,055     
  

 

 

    

e.   Disbursements made by third party for the benefit of the estate

   $ 0      $ 689,873  
  

 

 

    

 

 

 

f.   Total disbursements for quarterly fee calculation (c+e)

   $ 51,136,417      $ 158,954,938  
  

 

 

    

 

 

 

Part 2: Asset and Liability Status

(Not generally applicable to Individual Debtors. See Instructions.)

   Current Month         

a.   Accounts receivable (total net of allowance)

   $ 64,457,964     
  

 

 

    

b.  Accounts receivable over 90 days outstanding (net of allowance)

   $ 18,684,112     
  

 

 

    

c.   Inventory ( Book LOGO  Market LOGO  Other LOGO  (attach explanation))

   $ 14,219,073     
  

 

 

    

d   Total current assets

   $ 249,146,123     
  

 

 

    

e.   Total assets

   $ 410,145,149     
  

 

 

    

f.   Postpetition payables (excluding taxes)

   $ 49,121,170     
  

 

 

    

g.  Postpetition payables past due (excluding taxes)

   $ 6,151,945     
  

 

 

    

h.  Postpetition taxes payable

   $ 0     
  

 

 

    

i.   Postpetition taxes past due

   $ 0     
  

 

 

    

j.   Total postpetition debt (f+h)

   $ 49,121,170     
  

 

 

    

k.  Prepetition secured debt

   $ 279,892,556     
  

 

 

    

l.   Prepetition priority debt

   $ 3,120,622     
  

 

 

    

m.   Prepetition unsecured debt

   $ 1,356,596,810     
  

 

 

    

n.  Total liabilities (debt) (j+k+l+m)

   $ 1,688,731,158     
  

 

 

    

o.  Ending equity/net worth (e-n)

   $ -1,278,586,009     
  

 

 

    

Part 3: Assets Sold or Transferred

   Current Month      Cumulative  

a.   Total cash sales price for assets sold/transferred outside the ordinary course of business

   $ 0      $ 357,050  
  

 

 

    

 

 

 

b.  Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business

   $ 0      $ 50,705  
  

 

 

    

 

 

 

c.   Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)

   $ 0      $ 306,345  
  

 

 

    

 

 

 

Part 4: Income Statement (Statement of Operations)

(Not generally applicable to Individual Debtors. See Instructions.)

   Current Month      Cumulative  

a.   Gross income/sales (net of returns and allowances)

   $ 31,946,186     
  

 

 

    

b.  Cost of goods sold (inclusive of depreciation, if applicable)

   $ 13,141,422     
  

 

 

    

c.   Gross profit (a-b)

   $ 18,804,764     
  

 

 

    

d.  Selling expenses

   $ 6,598,916     
  

 

 

    

e.   General and administrative expenses

   $ 19,307,258     
  

 

 

    

f.   Other expenses

   $ 147,883     
  

 

 

    

g.  Depreciation and/or amortization (not included in 4b)

   $ 809,967     
  

 

 

    

h.  Interest

   $ -14,031     
  

 

 

    

i.   Taxes (local, state, and federal)

   $ 0     
  

 

 

    

j.   Reorganization items

   $ 9,938,861     
  

 

 

    

k.  Profit (loss)

   $ -17,716,387      $ -104,708,109  
  

 

 

    

 

 

 

 

UST Form 11-MOR (12/01/2021)    2   


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 3 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

Part 5: Professional Fees and Expenses

 

 
                    

Approved 

Current Month 

    

Approved 

Cumulative 

    

Paid Current 

Month 

    

Paid 

Cumulative 

 
a.   Debtor’s professional fees & expenses (bankruptcy) Aggregate Total      $2,158,171        $2,158,171        $450,000        $450,000  
    Itemized Breakdown by Firm              
        Firm Name   Role                                    
    i   FTI Consulting, Inc.   Financial Professional      $1,708,171        $1,708,171        $0        $0  
    ii   Moelis & Company LLC   Financial Professional       $450,000         $450,000        $450,000        $450,000  
    iii                                            
    iv                                            
    v                                            
    vi                                            
    vii                                            
    viii                                            
    ix                                            
    x                                            
    xi                                            
    xii                                            
    xiii                                            
    xiv                                            
    xv                                            
    xvi                                            
    xvii                                            
    xviii                                            
    xix                                            
    xx                                            
    xxi                                            
    xxii                                            
    xxiii                                            
    xxiv                                            
    xxv                                            
    xxvi                                            
    xxvii                                            
    xxviii                                            
    xxix                                            
    xxx                                            
    xxxi                                            
    xxxii                                            
    xxxiii                                            
    xxxiv                                            
    xxxv                                            
    xxxvi                                            

 

UST Form 11-MOR (12/01/2021)    3   


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 4 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

    xxxvii                            
    xxxviii                            
    xxxix                            
    xl                            
    xli                            
    xlii                            
    xliii                            
    xliv                            
    xlv                            
    xlvi                            
    xlvii                            
    xlviii                            
    xlix                            
    l                            
    li                            
    lii                            
    liii                            
    liv                            
    lv                            
    lvi                            
    lvii                            
    lviii                            
    lix                            
    lx                            
    lxi                            
    lxii                            
    lxiii                            
    lxiv                            
    lxv                            
    lxvi                            
    lxvii                            
    lxviii                            
    lxix                            
    lxx                            
    lxxi                            
    lxxii                            
    lxxiii                            
    lxxiv                            
    lxxv                            
    lxxvi                            
    lxxvii                            
    lxxviii                            

 

UST Form 11-MOR (12/01/2021)    4   


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 5 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

    lxxix                                            
    lxxx                                            
    lxxxi                                            
    lxxxii                                            
    lxxxiii                                            
    lxxxiv                                            
    lxxxv                                            
    lxxxvi                                            
    lxxxvii                                            
    lxxxviii                                            
    lxxxix                                            
    xc                                            
    xci                                            
    xcii                                            
    xciii                                            
    xciv                                            
    xcv                                            
    xcvi                                            
    xcvii                                            
    xcviii                                            
    xcix                                            
    c                                            
    ci                                            
                                               
                     Approved 
Current Month 
     Approved 
Cumulative 
     Paid Current 
Month 
     Paid 
Cumulative 
 
b.   Debtor’s professional fees & expenses (nonbankruptcy) Aggregate Total      $0        $0        $0        $0  
    Itemized Breakdown by Firm              
        Firm Name   Role                                    
    i              $0        $0        $0        $0  
    ii                                            
    iii                                            
    iv                                            
    v                                            
    vi                                            
    vii                                            
    viii                                            
    ix                                            
    x                                            
    xi                                            
    xii                                            
    xiii                                            
    xiv                                            

 

UST Form 11-MOR (12/01/2021)    5   


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 6 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

    xv                            
    xvi                            
    xvii                            
    xviii                            
    xix                            
    xx                            
    xxi                            
    xxii                            
    xxiii                            
    xxiv                            
    xxv                            
    xxvi                            
    xxvii                            
    xxviii                            
    xxix                            
    xxx                            
    xxxi                            
    xxxii                            
    xxxiii                            
    xxxiv                            
    xxxv                            
    xxxvi                            
    xxxvii                            
    xxxviii                            
    xxxix                            
    xl                            
    xli                            
    xlii                            
    xliii                            
    xliv                            
    xlv                            
    xlvi                            
    xlvii                            
    xlviii                            
    xlix                            
    l                            
    li                            
    lii                            
    liii                            
    liv                            
    lv                            
    lvi                            

 

UST Form 11-MOR (12/01/2021)    6   


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 7 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

    lvii                                            
    lviii                                            
    lix                                            
    lx                                            
    lxi                                            
    lxii                                            
    lxiii                                            
    lxiv                                            
    lxv                                            
    lxvi                                            
    lxvii                                            
    lxviii                                            
    lxix                                            
    lxx                                            
    lxxi                                            
    lxxii                                            
    lxxiii                                            
    lxxiv                                            
    lxxv                                            
    lxxvi                                            
    lxxvii                                            
    lxxviii                                            
    lxxix                                            
    lxxx                                            
    lxxxi                                            
    lxxxii                                            
    lxxxiii                                            
    lxxxiv                                            
    lxxxv                                            
    lxxxvi                                            
    lxxxvii                                            
    lxxxviii                                            
    lxxxix                                            
    xc                                            
    xci                                            
    xcii                                            
    xciii                                            
    xciv                                            
    xcv                                            
    xcvi                                            
    xcvii                                            
    xcviii                                            

 

UST Form 11-MOR (12/01/2021)    7   


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Document  Page 8 of 27

 

Debtor’s Name Invitae Corporation    Case No. 24-11362

 

    xcix                                            
    c                                            
c.   All professional fees and expenses (debtor & committees)      $2,158,171        $2,158,171        $450,000        $450,000  

 

Part 6: Postpetition Taxes

     Current Month          Cumulative    

a.   Postpetition income taxes accrued (local, state, and federal)

   $ 0      $ 21,099  
  

 

 

    

 

 

 

b.  Postpetition income taxes paid (local, state, and federal)

   $ 0      $ 41,809  
  

 

 

    

 

 

 

c.   Postpetition employer payroll taxes accrued

   $ 1,436,358      $ 4,088,503  
  

 

 

    

 

 

 

d.  Postpetition employer payroll taxes paid

   $ 1,712,370      $ 3,899,656  
  

 

 

    

 

 

 

e.   Postpetition property taxes paid

   $ 100,638      $ 101,698  
  

 

 

    

 

 

 

f.   Postpetition other taxes accrued (local, state, and federal)

   $ 207,302      $ 369,332  
  

 

 

    

 

 

 

g.  Postpetition other taxes paid (local, state, and federal)

   $ 45,102      $ 153,191  
  

 

 

    

 

 

 

 

Part 7: Questionnaire - During this reporting period:

    

a.   Were any payments made on prepetition debt? (if yes, see Instructions)

   Yes  LOGO    No LOGO

b.  Were any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)

   Yes  LOGO    No LOGO

c.   Were any payments made to or on behalf of insiders?

   Yes LOGO    No LOGO

d.  Are you current on postpetition tax return filings?

   Yes LOGO    No LOGO

e.   Are you current on postpetition estimated tax payments?

   Yes LOGO    No LOGO

f.   Were all trust fund taxes remitted on a current basis?

   Yes LOGO    No LOGO

g.  Was there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

   Yes LOGO    No LOGO

h.  Were all payments made to or on behalf of professionals approved by the court?

   Yes LOGO    No LOGO  N/A LOGO

i.   Do you have:

   Worker’s compensation insurance?    Yes LOGO    No LOGO
  

If yes, are your premiums current?

   Yes LOGO    No  LOGO  N/A   LOGO  (if no, see Instructions)
   Casualty/property insurance?    Yes LOGO    No LOGO
  

If yes, are your premiums current?

   Yes LOGO    No LOGO  N/A   LOGO  (if no, see Instructions)
   General liability insurance?    Yes LOGO    No LOGO
  

If yes, are your premiums current?

   Yes LOGO    No LOGO  N/A   LOGO  (if no, see Instructions)

j.   Has a plan of reorganization been filed with the court?

   Yes LOGO    No LOGO

k.  Has a disclosure statement been filed with the court?

   Yes LOGO    No LOGO

l.   Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

   Yes LOGO    No LOGO

 

 

UST Form 11-MOR (12/01/2021)    8   


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Debtor’s Name Invitae Corporation    Case No. 24-11362

 

 

Part 8: Individual Chapter 11 Debtors (Only)

                                 

a.   Gross income (receipts) from salary and wages

   $ 0     
  

 

 

    

b.  Gross income (receipts) from self-employment

   $ 0     
  

 

 

    

c.   Gross income from all other sources

   $ 0     
  

 

 

    

d.  Total income in the reporting period (a+b+c)

   $ 0     
  

 

 

    

e.   Payroll deductions

   $ 0     
  

 

 

    

f.   Self-employment related expenses

   $ 0     
  

 

 

    

g.  Living expenses

   $ 0     
  

 

 

    

h.  All other expenses

   $ 0     
  

 

 

    

i.   Total expenses in the reporting period (e+f+g+h)

   $ 0     
  

 

 

    

j.   Difference between total income and total expenses (d-i)

   $ 0     
  

 

 

    

k.  List the total amount of all postpetition debts that are past due

   $ 0     
  

 

 

    

l.   Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?

     Yes  LOGO   No  LOGO   

m.   If yes, have you made all Domestic Support Obligation payments?

     Yes  LOGO   No  LOGO  N/A  LOGO     

Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor’s progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee’s or examiner’s duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee’s systems of records notice, UST-001, “Bankruptcy Case Files and Associated Records.” See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).

I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.

 

/s/ Ana Schrank       Ana Schrank
Signature of Responsible Party       Printed Name of Responsible Party
Chief Financial Officer       06/28/2024
Title       Date

 

UST Form 11-MOR (12/01/2021)    9   


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Debtor’s Name Invitae Corporation    Case No. 24-11362

 

LOGO

 

UST Form 11-MOR (12/01/2021)    10   


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Debtor’s Name Invitae Corporation    Case No. 24-11362

 

LOGO

 

UST Form 11-MOR (12/01/2021)    11   


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Debtor’s Name Invitae Corporation    Case No. 24-11362

 

LOGO

 

UST Form 11-MOR (12/01/2021)    12   


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General Notes

On February 13, 2024 (the “Petition Date”), Invitae Corporation (“Invitae”) and five of its subsidiaries (such subsidiaries, each a “Debtor,” collectively with Invitae, the “Debtors”), filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”), thereby commencing the instant cases (the “Chapter 11 Cases”). The Debtors are authorized to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On February 16, 2024, the Bankruptcy Court entered an order authorizing the joint administration of these Chapter 11 Cases pursuant to Bankruptcy Rule 1015(b). On March 1, 2024, the United States Trustee for the District of New Jersey (the “U.S. Trustee”) appointed an official committee of unsecured creditors pursuant to section 1102(a)(1) of the Bankruptcy Code.

Additional information about these Chapter 11 Cases, court filings, and claims information is available at the Debtors’ restructuring website: https://www.kccllc.net/invitae.

The following notes and statements of limitations should be referred to, and referenced in connection with, any review of the monthly operating report (the “MOR”).

 

1.

Basis of Presentation. The Debtors are filing their MOR solely for purposes of complying with the monthly operating requirements applicable in the Debtors’ Chapter 11 Cases. The MOR is in a format acceptable to the U.S. Trustee. The MOR should not be relied upon by any persons for information relating to current or future financial condition, events, or performance of any of the Debtors or their affiliates, as the results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year, and may not necessarily reflect the combined results of operations, financial position, and schedule of receipts and disbursements in the future.

This MOR is unaudited and has not been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and does not include all of the information and footnotes required by U.S. GAAP. The MOR is not intended to reconcile to any financial statements otherwise prepared or distributed by the Debtors.

The financial information contained herein is presented per Invitae’s books and records without, among other things, all adjustments or reclassification that may be necessary or typical with respect to consolidating financial statements or in accordance with U.S. GAAP. Because the Debtors’ accounting systems, policies, and practices were developed to produce consolidated financial statements by business unit, rather than financial statements by legal entity, it is possible that not all assets, liabilities, income or expenses have been recorded on the correct legal entity.

This information has not been subjected to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP or any other recognized financial reporting framework, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, and these changes could be material.

 

     


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The results of operations contained herein are not necessarily indicative of results that maybe expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.

For the reasons discussed above, there can be no assurance that the consolidated financial information presented herein is complete, and readers are strongly cautioned not to place undue reliance on the MOR.

 

2.

Reporting Period. Unless otherwise noted herein, the MOR generally reflects the Debtors’ books and records and financial activity occurring during the applicable reporting period. For the reporting period ended May 31, 2024, the Debtors’ books and records reflect activity from May 1, 2024 through the period end date. Except as otherwise noted, no adjustments have been made for activity occurring after the close of the reporting period.

 

3.

Consolidated Entity Accounts Payable and Disbursement Systems. Cash is received and disbursed by the Debtors in a manner consistent with the Debtors’ historical cash management practices, as described in the Debtors’ Motion for Entry of Interim and Final Orders Authorizing the Debtors to (A) Continue to Operate Their Cash Management System, (B) Honor Certain Prepetition Obligations Related Thereto, (C) Maintain Existing Business Forms, and (D) Continue to Perform Intercompany Transactions (Docket No. 10).

 

4.

Accuracy. The financial information disclosed herein was not prepared in accordance with federal or state securities laws or other applicable non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against or equity interests in the Debtors should evaluate this financial information in light of the purposes for which it was prepared. The Debtors and their advisors are not liable for and undertake no responsibility to indicate variations from securities laws herein or for any evaluations of the Debtors based on this financial information or any other information.

 

5.

Payment of Prepetition Claims Pursuant to First Day Orders. On February 16, 2024, the Bankruptcy Court entered orders (the “First Day Orders”) authorizing, but not directing, the Debtors to pay, on an interim basis, certain prepetition (a) employee wages, salaries, other compensation, reimbursable expenses and payments to continue employee benefit programs; (b) claims of lien claimants, import claimants, 503(B)(9) claimants, foreign vendors, and critical vendors; (c) taxes and fees; and (d) amounts to maintain and administer existing customer programs and honor certain prepetition obligations related thereto. The Bankruptcy Court subsequently approved the relief requested in connection with the First Day Orders on a final basis. To the extent any payments were made on account of prepetition claims following the commencement of these Chapter 11 Cases pursuant to the authority granted to the Debtors by the Bankruptcy Court under the First Day Orders, such payments have been included in the MOR.

 

6.

Reservation of Rights. The Debtors reserve all rights to amend or supplement the MOR in all respects, as may be necessary or appropriate. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their Chapter 11 Cases.

 

   2   


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7.

Specific MOR Disclosures.

Notes to Part 1: Cash Receipts and Disbursements

 

   

Figures include cash as reported in the Debtors’ bank statements. Reconciliation differences will exist between bank statement balances and balance sheet cash balances due to ordinary course timing differences between payment execution in the Debtors’ financial system and disbursement of funds from Debtor bank accounts, as well as outstanding checks and deposits in transit.

 

   

The Debtors’ standard practice is to ensure that bank reconciliations are completed before closing the books each reporting period. The Debtors have submitted an attestation with these MORs that each of the Debtors’ bank accounts has been reconciled in accordance with their standard practices.

 

   

Item (b): The amount of Total Receipts corresponds to the sum of total Test/Collaboration Receipts and other one-time receipts. The Debtors’ Cash Rollforward excludes $9,776,444.32 of restricted cash posted for letters of credit and deposits posted to third parties. This restricted cash is detailed in the supplemental schedule of Debtor bank accounts.

Notes to Part 2: Asset and Liability Status

 

   

All intercompany transactions are between the Debtor Invitae Corporation and non-Debtor foreign affiliates, which are reflected on the Debtors’ consolidated balance sheet and income statement.

 

   

The MORs have not been subject to certain quarterly or annual adjustment procedures, including income tax provision procedures. The information presented herein may materially differ if such procedures were applied. Aged Accounts Payable amounts relate to potential post-petition obligations of invoices received by the Debtors prepetition. The Debtors continue to analyze whether or not these invoices are in fact administrative expenses of the bankruptcy estate, and reserve all rights to reclassify these amounts as liabilities not subject to compromise.

 

   

Because the Debtors’ existing recording systems were not designed to distinguish between other prepetition and postpetition liabilities, the Debtors have commenced a process to distinguish between prepetition and postpetition liabilities, the results of which are reflected in the MORs. As the Debtors continue this process and additional information becomes available, the allocation of liabilities between prepetition and postpetition periods may change.

 

   

Items (k-m): Prepetition liabilities (i.e., items (k), (l), and (m)) reflect liabilities included in “Liabilities subject to compromise” on the Debtors’ balance sheet as well as other prepetition liabilities that may be uncompromised pursuant to the relief granted via the First Day Orders. The Debtors’ inclusion or exclusion of any amounts in the presentation of “Liabilities subject to compromise” in the Balance Sheet is done

 

   3   


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solely to enable the debtors to expeditiously prepare the MORs pursuant to the Debtors’ reporting obligations and does not indicate a view, of the Debtors or of any other person, as to whether and to what extent the respective liabilities may be impaired.

 

   

A portion of prepetition accrued employee bonuses may be considered priority under Section 507(a)(4) of the Bankruptcy Code; however, since the Debtors have paid out these amounts subject to the relief under the final wages order (after the reporting date for these MORs), the Debtors have not specifically allocated prepetition employee accrued liabilities between priority and unsecured buckets.

 

   

Values in the Balance Sheet attached hereto represent rounded numbers. Accordingly, subtotals may not agree to the summation of the rounded numbers presented.

Notes to Part 4: Income Statement

 

   

The MORs have not been subject to certain quarterly or annual adjustment procedures, including income tax provision procedures. The information presented herein may materially differ if such procedures were applied.

 

   

Because the Debtors’ existing recording systems were not designed to distinguish between prepetition and postpetition income statement line items, the Debtors have commenced a process to distinguish between prepetition and postpetition, the results of which are reflected in the MORs.

Notes to Part 6: Postpetition Taxes

 

   

Because the Debtors’ existing recording systems were not designed to distinguish between other prepetition and postpetition liabilities, the Debtors have commenced a process to distinguish between prepetition and postpetition liabilities, the results of which are reflected in the MORs.

Notes to Part 7: Questionnaire – During This Reporting Period

 

   

Item (a): Following the Petition Date, the Court entered various orders authorizing, but not directing, the Debtors to, among other things, pay certain prepetition: (i) service fees and charges assessed by the Debtors’ banks; (ii) customer programs obligations; (iii) employee wages, salaries, and related items (including, but not limited to, employee benefit programs and supplemental workforce obligations); (iv) taxes and assessments; and (v) critical vendor, 503(b)(9), lien, and foreign vendor obligations (collectively, the “First Day Orders”). To the extent any payments were made during the Reporting Period on account of prepetition claims pursuant to the authority granted to the Debtors by the Court under the First Day Orders, such payments have been included in this MOR (subject to the notes and statements and limitations provided herein).

 

   4   


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Item (c): Payments to insiders include ordinary course salaries, benefits, and expense reimbursements for officers and employees, as well as fees and expense reimbursements paid to members of the Board of Directors

 

   5   


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In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

    Cash Receipts & Disbursements(1)  
    Genosity LLC
24-11361
    Invitae Corporation
24-11362
    ArcherDX Clinical
Services, Inc.
24-11363
    ArcherDX, LLC
24-11364
    Genetic Solutions LLC
24-11365
    Ommdom, Inc.
24-11366
 

Cash Receipts

           

Test/Collaboration Receipts

  $ —      $ 40,337,511     $ —      $ 553,094     $ —      $ —   

Other Receipts

    —        2,567,878       —        —        —        —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Cash Receipts(2)

  $ —      $ 42,905,389     $ —      $ 553,094     $ —      $ —   

Operating Disbursements

           

Payroll, Bonus & Benefits

  $ —      $ (26,115,248   $ —      $ —      $ —      $ —   

Lab Materials

    —        (6,087,551     —        —        —        —   

Collection Kits

    —        (1,157,718     —        —        —        —   

Shipping

    —        (1,706,903     —        —        —        —   

Real Property Lease Payments

    —        (783,883     —        —        —        —   

Other Lease Obligations

    —        —        —        —        —        —   

IT-Related Expenses

    —        (1,047,534     —        —        —        —   

Cash Taxes

    —        (63,658     —        —        —        —   

Other AP Payments

    —        (6,688,557     —        (727,290     —        —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Operating Disbursements

  $ —      $ (43,651,054   $ —      $ (727,290   $ —      $ —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Cash Flow

  $ —      $ (745,664   $ —      $ (174,196   $ —      $ —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Restructuring Related / One-Time

           

Debt Service

  $ —      $ (2,290,178   $ —      $ —      $ —      $ —   

Finance Lease Principal

    —        (283,047     —        —        —        —   

Capex

    —        (477,369     —        —        —        —   

Severance

    —        —        —        —        —        —   

Retention

    —        (489,686     —        —        —        —   

Professional Fees

    —        (3,831,940     —        —        —        —   

Other One-Time

    —        (113,145     —        —        —        —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Restructuring Related / One-Time

  $ —      $ (7,485,364   $ —      $ —      $ —      $ —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Disbursements

  $ —      $ (51,136,417   $ —      $ (727,290   $ —      $ —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Cash Flow

  $ —      $ (8,231,028   $ —      $ (174,196   $ —      $ —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Roll Forward (3)

           

Beginning Cash Balance

  $ —      $ 135,404,083     $ —        675,189     $ —      $ —   

Net Cash Flow

    —        (8,231,028     —        (174,196     —        —   

Cash Interest

    —        —        —        —        —        —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ending Cash Balance (4)

  $ —      $ 127,173,055     $ —      $ 500,993     $ —      $ —   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

All information contained herein is unaudited and subject to future adjustment.

(2)

The amount of Total Receipts presented in MOR Part 1(b) corresponds to the sum of total Test/Collaboration Receipts + other one-time receipts.

(3)

Excludes $9.8M of restricted cash posted for letters of credit and deposits posted to third parties.

(4)

The ending cash balance represents ending bank cash and differs from ending book cash due to $0.2M of outstanding checks.


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 19 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

     Debtors’ Balance Sheet (Unaudited)(1)  
     Genosity LLC
24-11361
     Invitae Corporation
24-11362
    ArcherDX Clinical
Services, Inc.
24-11363
     ArcherDX, LLC
24-11364
     Genetic Solutions
LLC 24-11365
     Ommdom, Inc.
24-11366
 

ASSETS

                

CURRENT ASSETS

                

Cash & Cash Equivalents

   $ —       $ 126,981,348     $ —       $ 500,993      $ —       $ —   

Accounts Receivable

     —         64,457,964       —         —         —         —   

Inventory

     —         14,219,073       —         —         —         —   

Prepaid Expenses and Other Current Assets

     —         29,483,834       —         —         —         —   

Restricted Cash - Current

     —         5,005,676       —         —         —         —   

Intercompany Receivable

     —         8,998,228       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL CURRENT ASSETS

   $ —       $ 249,146,123     $ —       $ 500,993      $ —       $ —   

Restricted Cash - Non-Current

   $ —       $ 4,770,769     $ —       $ —       $ —       $ —   

Operating Lease Assets

     —         17,784,005       —         —         —         —   

Fixed Assets - Net

     —         38,220,789       —         —         —         —   

Intercompany Note Receivable

     —         69,858,500       —         —         —         —   

Other Assets

     —         30,364,963       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

   $ —       $ 410,145,149     $ —       $ 500,993      $ —       $ —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

CURRENT LIABILITIES

                

Accounts Payable

   $ —       $ 15,383,205     $ —       $ —       $ —       $ —   

Accrued Liabilities

     —         33,737,966       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL CURRENT LIABILITIES

   $ —       $ 49,121,170     $ —       $ —       $ —       $ —   

Accounts Payable

   $ —       $ 19,502,445     $ —         —       $ —       $ —   

Accrued Liabilities

     —         25,092,787       —         —         —         —   

Accrued Taxes

     —         3,120,622       —         —         —         —   

Operating Lease Liabilities

     —         145,564,928       —         —         —         —   

Financing Lease Liabilities

     —         2,920,844       —         —         —         —   

Other Long-Term Liabilities

     —         6,971,221       —         —         —         —   

Convertible Senior Notes, Net (Secured)

     —         279,892,556       —         —         —         —   

Convertible Senior Notes, Net (Unsecured)

     —         1,156,544,584       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES SUBJECT TO COMPROMISE

   $ —       $ 1,639,609,988     $ —       $ —       $ —       $ —   

TOTAL LIABILITIES

   $ —       $ 1,688,731,158     $ —       $ —       $ —       $ —   

STOCKHOLDERS’ EQUITY

                

Common & Preferred Stock

   $ —       $ 29,148     $ —       $ —       $ —       $ —   

APIC

     —         5,166,726,533       —         —         —         —   

Accumulated Other Comprehensive Income/Loss

     —         25,366,149       —         —         —         —   

Accumulated Deficit

     —         (6,470,707,839     —         500,993        —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

   $ —       $ (1,278,586,009   $ —       $ 500,993      $ —       $ —   

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ —       $ 410,145,149     $ —       $ 500,993      $ —       $ —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

All information contained herein is unaudited and subject to future adjustment.


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 20 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

     Debtors’ Statement of Operations (Unaudited)(1)  
     Genosity LLC
24-11361
     Invitae Corporation
24-11362
    ArcherDX Clinical
Services, Inc.
24-11363
     ArcherDX, LLC
24-11364
     Genetic Solutions LLC
24-11365
     Ommdom, Inc.
24-11366
 

Revenue:

                

Test Revenue

   $ —       $ 31,186,452     $ —       $ —       $ —       $ —   

Other Revenue

     —         759,734       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total Revenue, net

   $ —       $ 31,946,186     $ —       $ —       $ —       $ —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Cost of Revenue

   $ —       $ 13,141,422     $ —       $ —       $ —       $ —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Gross Profit

   $ —       $ 18,804,764     $ —       $ —       $ —       $ —   

Operating Expenses:

                

Research and Development

   $ —       $ 9,417,009     $ —       $ —       $ —       $ —   

Sales and Marketing

     —         6,598,916       —         —         —         —   

General and Administrative

     —         9,890,493       —         —         —         —   

Depreciation & Amortization

     —         809,967       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total Operating Expenses

   $ —       $ 26,716,385     $ —       $ —       $ —       $ —   

Income/(Loss) From Operations before One-Time Costs

   $ —       $ (7,911,621   $ —       $ —       $ —       $ —   

One-Time Costs:

                

Expense Allocations

   $ —       $ (243   $ —       $ —       $ —       $ —   

Restructuring Expenses

     —         9,938,861       —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total Other & Restructuring Costs

   $ —       $ 9,938,618     $ —       $ —       $ —       $ —   

Income/(Loss) From Operations

   $ —       $ (17,850,239   $ —       $ —       $ —       $ —   

Interest and Other (Expense) Income:

                

Interest Expense

   $ —       $ (14,031   $ —       $ —       $ —       $ —   

Other Income/(Expense), net

     —         147,883       —         —         —         —   

Income Taxes

     —         —        —         —         —         —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total Interest and Other (Expense) Income

   $ —       $ 133,852     $ —       $ —       $ —       $ —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Income/(Loss)

   $ —       $ (17,716,387   $ —       $ —       $ —       $ —   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

All information contained herein is unaudited and subject to future adjustment.


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 21 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

Accounts Receivable Balance (Unaudited)(1)  
Invitae Corporation (24-11362)  

A/R Aging

   Current - 30     31 - 60 days     61 - 90 days     Over 90 days     Total A/R  

Accounts Receivable

   $ 25,355,756     $ 13,186,621     $ 7,576,740     $ 19,637,661     $ 65,756,778  

Allowance for Doubtful Accounts

     (117,464     (112,152     (115,649     (953,549     (1,298,814
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Accounts Receivable

   $ 25,238,293     $ 13,074,469     $ 7,461,090     $ 18,684,112     $ 64,457,964  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
ArcherDX, LLC (24-11364)  

A/R Aging

   Current - 30     31 - 60 days     61 - 90 days     Over 90 days     Total A/R  

Accounts Receivable

   $ —      $ —      $ —      $ —      $ —   

Allowance for Doubtful Accounts

     —        —        —        —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Accounts Receivable

   $ —      $ —      $ —      $ —      $ —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

All information contained herein is unaudited and subject to future adjustment.

 

     


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document Page 22 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

Postpetition Accounts Payable Balance (Unaudited) (1) (2)  
Invitae Corporation (24-11362)  

A/P Aging

   Current      1 - 30 days      31 - 60 days      61 - 90 days      Over 90 days      Total A/P  

Trade Payables

   $ 7,700,081      $ 4,041,164      $ 312,974      $ 1,744,139      $ 53,667      $ 13,852,026  

Tax Payables

     —         —         —         —         —         —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Post-Petition Payables

   $ 7,700,081      $ 4,041,164      $ 312,974      $ 1,744,139      $ 53,667      $ 13,852,026  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

ArcherDX, LLC (24-11364)

 

A/P Aging

   Current      1 - 30 days      31 - 60 days      61 - 90 days      Over 90 days      Total A/P  

Trade Payables

   $ —       $ —       $ —       $ —       $ —       $ —   

Tax Payables

     —         —         —         —         —         —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Post-Petition Payables

   $ —       $ —       $ —       $ —       $ —       $ —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

All information contained herein is unaudited and subject to future adjustment.

(2) 

Aged A/P amounts relate to potential post-petition obligations of invoices received by the Debtors pre-petition. The Debtors continue to analyze whether or not these invoices are in fact administrative expenses of the bankruptcy estate, and reserve all rights to reclassify these amounts as liabilities subject to compromise.


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 23 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

Bank Account Information(1)

 

Legal Entity

   Bank Name     

Account Type

   Account Number
(last 4 digits)
     Book Balance(2) (3)  

Invitae Corporation

     SVB      Master Operating Account      4702      $ 23,385,713  

Invitae Corporation

     HSBC      Corporate Analyzed Checking Account      3311        1,405,982  

Invitae Corporation

     SVB      Collaboration Revenue Lockbox Account      5516        —   

Invitae Corporation

     HSBC      Collaboration Lockbox Account      9536        4,197,159  

Invitae Corporation

     SVB      Payroll Account      8723        —   

Invitae Corporation

     SVB      Benefits Account      7197        (44,409

Invitae Corporation

     SVB      Overnight Sweep Account      3426        —   

Invitae Corporation

     U.S. Bank      Cash and Cash Equivalents Account      4680        97,932,058  

Invitae Corporation

     SVB      Lockbox Account      3836        —   

Invitae Corporation

     JPMC      Adequate Assurance Account      0155        104,845  

Invitae Corporation

     SVB      Customer Collections Lockbox Account      6069        —   

Invitae Corporation

     HSBC      Lockbox Account      1182        —   

Invitae Corporation

     JPMC      Lockbox Account      0310        —   

ArcherDX, LLC

     SVB      ArcherDX Deposit Account      3575        —   

ArcherDX, LLC

     SVB      ArcherDX Operating Account      3560        495,470  

ArcherDX, LLC

     SVB      ArcherDX Euro Business Account      6710        5,523  
           

 

 

 

Total Cash

            $ 127,482,341  
           

 

 

 

Restricted Cash

           

Invitae Corporation

     JPMC      Letter of Credit - Landlord      1322      $ 9,775,842  

Invitae Corporation

     HSBC      Letter of Credit - Landlord      3583        494  

Invitae Corporation

     HSBC      Letter of Credit - Landlord      3591        —   

Invitae Corporation

     HSBC      Letter of Credit - Landlord      7147        109  

Invitae Corporation

     KCC      401(k) Escrow Account      6391        —   
           

 

 

 

Total Restricted Cash

            $ 9,776,444  
           

 

 

 

 

(1) 

All information contained herein is unaudited and subject to future adjustment.

(2) 

All amounts are in USD.

(3) 

The ending cash balance represents ending book cash and differs from ending bank cash due to $0.2M of outstanding checks.


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 24 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
   Reporting Period:   5/1/24 - 5/31/24

 

Bank Reconciliations

The Debtors hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank statements, bank reconciliations and journal entries.

The Debtors’ standard practice is to ensure that bank reconciliations are completed before closing the books each reporting period. I attest that each of the Debtors’ bank accounts has been reconciled in accordance with their standard practices.

 

/s/ Ana Schrank

     

6/28/2024

Signature of Authorized Individual       Date

Ana Schrank

     

Chief Financial Officer

Printed Name of Authorized Individual       Title of Authorized Individual


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 25 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
   Reporting Period:   5/1/24 - 5/31/24

 

Part 7: Question A

Were any payments made on prepetition debt?

Following the Petition Date, the Court entered various orders authorizing, but not directing, the Debtors to, among other things, pay certain prepetition: (i) service fees and charges assessed by the Debtors’ banks; (ii) customer programs obligations; (iii) employee wages, salaries, and related items (including, but not limited to, employee benefit programs and supplemental workforce obligations); (iv) taxes and assessments; and (v) critical vendor, 503(b)(9), lien, and foreign vendor obligations (collectively, the “First Day Orders”). To the extent any payments were made during the Reporting Period on account of prepetition claims pursuant to the authority granted to the Debtors by the Court under the First Day Orders, such payments have been included in this MOR (subject to the notes and statements and limitations provided herein).


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 26 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
   Reporting Period:   5/1/24 - 5/31/24

 

Certification Regarding Postpetition Taxes

I affirm that to the best of my knowledge all postpetition taxes, as described in item 4 of the Operating Guidelines for Chapter 11 Cases, are current.

 

/s/ Ana Schrank

     

6/28/2024

Signature of Authorized Individual       Date

Ana Schrank

     

Chief Financial Officer

Printed Name of Authorized Individual       Title of Authorized Individual


Case 24-11362-MBK  Doc 701  Filed 06/28/24  Entered 06/28/24 15:22:06  Desc Main

Document  Page 27 of 27

 

In re: Invitae Corporation    Case No.: 24-11362 (MBK)
($ USD)    Reporting Period:   5/1/24 - 5/31/24

 

Schedule of Payments to Insiders (1)

 

Entity

  Item (2)     Recipient     

Title

  Date of Payment     Gross Amount  

Invitae Corporation

    Board Fees       Jill Frizzley      Board of Directors     5/2/2024       40,000  

Invitae Corporation

    Reimbursements       David Sholehvar      Chief Operating Officer     5/2/2024       10,882  

Invitae Corporation

    Payroll       Kenneth Knight      President and Chief Executive Officer     5/3/2024       28,846  

Invitae Corporation

    Payroll       Robert Guigley      Chief Commercial Officer     5/3/2024       17,692  

Invitae Corporation

    Payroll       Ana Schrank      Chief Financial Officer     5/3/2024       17,692  

Invitae Corporation

    Payroll       David Sholehvar      Chief Operating Officer     5/3/2024       17,692  

Invitae Corporation

    Payroll       Thomas Brida      General Counsel, Chief Compliance Officer, & Secretary     5/3/2024       17,654  

Invitae Corporation

    Reimbursements       David Sholehvar      Chief Operating Officer     5/9/2024       7,331  

Invitae Corporation

    Reimbursements       David Sholehvar      Chief Operating Officer     5/13/2024       3,190  

Invitae Corporation

    Reimbursements       Robert Guigley      Chief Commercial Officer     5/15/2024       4,320  

Invitae Corporation

    Payroll       Kenneth Knight      President and Chief Executive Officer     5/17/2024       28,846  

Invitae Corporation

    Payroll       Robert Guigley      Chief Commercial Officer     5/17/2024       17,692  

Invitae Corporation

    Payroll       Ana Schrank      Chief Financial Officer     5/17/2024       17,692  

Invitae Corporation

    Payroll       David Sholehvar      Chief Operating Officer     5/17/2024       17,692  

Invitae Corporation

    Payroll       Thomas Brida      General Counsel, Chief Compliance Officer, & Secretary     5/17/2024       17,654  

Invitae Corporation

    Payroll       Kenneth Knight      President and Chief Executive Officer     5/31/2024       28,846  

Invitae Corporation

    Payroll       Robert Guigley      Chief Commercial Officer     5/31/2024       17,692  

Invitae Corporation

    Payroll       Ana Schrank      Chief Financial Officer     5/31/2024       17,692  

Invitae Corporation

    Payroll       David Sholehvar      Chief Operating Officer     5/31/2024       17,692  

Invitae Corporation

    Payroll       Thomas Brida      General Counsel, Chief Compliance Officer, & Secretary     5/31/2024       17,654  
          

 

 

 

Total Insider Payments

           $ 364,454  
          

 

 

 

 

(1) 

All information contained herein is unaudited and subject to future adjustment.

(2) 

Payments to insiders include ordinary course salaries, benefits, and expense reimbursements for officers and employees, as well as fees paid to members of the Board of Directors.

v3.24.1.1.u2
Document and Entity Information
Jun. 28, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 28, 2024
Entity Registrant Name Invitae Corporation
Entity Incorporation State Country Code DE
Entity File Number 001-36847
Entity Tax Identification Number 27-1701898
Entity Address Address Line 1 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
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12g Title Common Stock, $0.0001 par value per share
Trading Symbol NVTA
Security Exchange Name NONE
Entity Emerging Growth Company false
Entity Central Index Key 0001501134
Amendment Flag false

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