The Company and Basis of Presentation Description of Business Berkeley Lights, Inc. (the Company or Berkeley Lights), was incorporated as a Delaware corporation on April 5, 2011. Berkeley Lights is a leading Digital Cell Biology company focused on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products. Berkeley Lights platform is a fully integrated, end-to-end solution, comprised of proprietary consumables, including our OptoSelect chips and reagent kits, advanced automation systems and advanced application and workflow software. In 2017, Berkeley Lights incorporated BLI Europe International, Ltd. as a wholly-owned subsidiary in the United Kingdom to support Berkeley Lights planned expansion in Europe. Berkeley Lights also established a representative branch office in China during 2019 to support its pre-sales and marketing efforts in the region. Berkeley Lights and its consolidated subsidiary are hereinafter referred to as the Company. The Companys headquarters are in Emeryville, California. The Company commercially launched its platform in December of 2016, which included its Beacon system and the alpha version of its Opto Cell Line Development 1.0 workflow, targeted to the antibody therapeutics market. In June 2019, the Company launched its desktop Lightning system targeted for assay development and lower throughput workflows, and in early 2020 the Company launched the Culture Station instrument. The Company is expanding the platform capabilities through the commercial launch of additional workflows in its core markets of antibody therapeutics, cellular therapy and synthetic biology. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Berkeley Lights in this Quarterly Report have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation of S-X of the Securities and Exchange Commission (the SEC). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of Berkeley Lights management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of our financial information have been included. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in its condensed consolidated financial statements and the accompanying notes. Despite the Companys intentions to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or for any other period. The condensed consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019 included in our Registration Statement on Form S-1, which has been filed with the SEC on July 16, 2020. Reverse Stock Split On July 10, 2020, the Board of Directors of the Company approved a 1-for-2 reverse stock split of its issued and outstanding common stock and convertible preferred stock, which was effected on July 14, 2020. All issued and outstanding shares of common stock and convertible preferred stock and related per share amounts contained in the accompanying consolidated financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. The par value of the authorized stock was not adjusted as a result of the reverse stock split. Other than the par value, all share and per share data shown in the accompanying condensed consolidated financial statements and related notes have been retroactively revised to reflect the reverse stock split. Initial Public Offering The Companys registration statement on Form S-1 related to its initial public offering (IPO) was declared effective on July 16, 2020 by the SEC, and the Companys common stock began trading on the NASDAQ Global Select Market on July 17, 2020. On July 21, 2020, the Company completed its IPO, in which the Company sold 9,315,000 shares of common stock (which included 1,215,000 shares that were offered and sold pursuant to the full exercise of the IPO underwriters option to purchase additional shares) at a price to the public of $22 per share. Including the option exercise, the Company received aggregate net proceeds of $188.0 million after deducting offering costs, underwriting discounts and commissions of $16.9 million. Immediately prior to the completion of the IPO, 50,462,272 shares of convertible preferred stock then outstanding converted into an equivalent number of shares of common stock. Liquidity The Companys condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has experienced losses from its operations since its inception and has relied primarily on equity and debt financing to fund its operations to date. For the three and six months ended June 30, 2020, the Company had a consolidated net loss of $12.4 million and $20.9 million, respectively. As of June 30, 2020, the Company had cash and cash equivalents of $59.2 million and an accumulated deficit of $171.2 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. Management believes that its cash and cash equivalents balance as of June 30, 2020, as well as the proceeds from the IPO received in July 2020, provide sufficient capital resources to continue its operation for at least 12 months from the issuance date of the accompanying condensed consolidated financial statements.