Genetic Testing Firm Invitae, Backed by SoftBank and Cathie Wood, Files for Chapter 11 [BNN Bloomberg (Canada)]
Invitae Corporation (NVTA)
Last invitae corporation earnings: 2/19 04:05 pm
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US:NYSE Investor Relations:
ir.invitae.com/investor-relations/default.aspx
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Source: BNN Bloomberg
filed for bankruptcy as the DNA testing industry struggles to regain investor interest following a pandemic-era boom. San Francisco-based Invitae filed for Chapter 11 protection in New Jersey and listed assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion on its bankruptcy petition. The bankruptcy filing caps a relatively swift decline for Invitae, which saw its market capitalization soar to more than $10 billion during the Covid-19 pandemic. Despite the renewed investor interest, the company kept losing money and struggled to run a sustainable business. Invitae as of September 30 had roughly $1.4 billion outstanding on two sets of senior secured bonds maturing in 2024 and 2028, respectively, according to the company's most recent quarterly report. The debt includes about $1.15 billion in convertible bonds issued to investors led by a subsidiary of Softbank. Since going public, Invitae has laid off employees, cut costs and sold some of its assets.
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News
- Invitae gets court approval for five-month bankruptcy sale [Reuters]Reuters
- Invitae gets court approval for five-month bankruptcy sale [Yahoo! Finance]Yahoo! Finance
- Genetic Testing Firm Invitae, Backed by SoftBank and Cathie Wood, Files for Chapter 11 [Yahoo! Finance]Yahoo! Finance
- Invitae files for Chapter 11 bankruptcy to address huge debt load [Seeking Alpha]Seeking Alpha
- Genetic test maker Invitae files for bankruptcy protection in US [Reuters]Reuters
NVTA
Earnings
- 11/8/23 - Miss
NVTA
Sec Filings
- 2/14/24 - Form 8-K
- 2/13/24 - Form SC
- 2/13/24 - Form SC
- NVTA's page on the SEC website