<SEC-DOCUMENT>0001193125-19-224374.txt : 20191009
<SEC-HEADER>0001193125-19-224374.hdr.sgml : 20191009
<ACCEPTANCE-DATETIME>20190819144333
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-224374
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			10x Genomics, Inc.
		CENTRAL INDEX KEY:			0001770787
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				455614458
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6230 STONERIDGE MALL ROAD
		CITY:			PLEASANTON
		STATE:			CA
		ZIP:			94588
		BUSINESS PHONE:		(925) 401-7300

	MAIL ADDRESS:	
		STREET 1:		6230 STONERIDGE MALL ROAD
		CITY:			PLEASANTON
		STATE:			CA
		ZIP:			94588

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	10X Genomics, Inc.
		DATE OF NAME CHANGE:	20190315
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2475 <SMALL>HANOVER</SMALL> <SMALL>STREET</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>PALO</SMALL> <SMALL>ALTO</SMALL>, <SMALL>CA</SMALL> 94304 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>TELEPHONE</SMALL>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-650-251-5000</FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>FACSIMILE</SMALL>:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-650-251-5002</FONT></FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct Dial Number</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-650-251-5130</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">E-mail</FONT> Address</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">kkennedy@stblaw.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">August&nbsp;19, 2019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Russell Mancuso </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas Jones </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gary Newberry </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lynn Dicker </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Electronics and
Machinery </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>10x Genomics, Inc. &#150; Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
</B></P></TD></TR></TABLE>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>(CIK No.&nbsp;0001770787) </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are submitting this
letter on behalf of 10x Genomics, Inc. (the &#147;<U>Company</U>&#148;) in response to comments of the staff of the Securities and Exchange Commission (the &#147;<U>Staff</U>&#148;) in its letter, dated August&nbsp;5, 2019 (the &#147;<U>comment
letter</U>&#148;), relating to the Company&#146;s draft registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<U>Draft Registration Statement</U>&#148;) confidentially submitted to the Staff on May&nbsp;10, 2019 and
as revised and further submitted on June&nbsp;20, 2019 and July&nbsp;19, 2019. Additionally, the Company is concurrently publicly filing its Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<U>Registration
Statement</U>&#148;), which reflects revisions in response to the comment letter and certain other updates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the Staff&#146;s
reference, we are providing the Staff by overnight delivery copies of this letter as well as both a clean copy of the Registration Statement and a copy marked to show all changes from the Draft Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To assist your review, we have retyped the text of the Staff&#146;s comments in italics below. Page references in the text of this letter
correspond to the pages of the Registration Statement. Unless otherwise defined below, terms defined in the Registration Statement and used below shall have the meanings given to them in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Amendment No.</U><U></U><U>&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> submitted
July</U><U></U><U>&nbsp;19, 2019</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Prospectus Summary, page 1 </U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please reconcile your prospectus disclosure about your exclusive licenses like on pages 2 and 122 with the
disclosure in section 1.14 of exhibit 10.5. Also, please (1)&nbsp;reconcile your disclosure about worldwide licenses on page 122 with section 1.20 of exhibit 10.5, (2) tell us whether any purchase rights remain under section 7.4 of exhibit 10.7.
</I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;HONG
KONG&nbsp;&nbsp;&nbsp;&nbsp;HOUSTON&nbsp;&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;&nbsp;LOS ANGELES&nbsp;&nbsp;&nbsp;&nbsp;S&#195;O PAULO&nbsp;&nbsp;&nbsp;&nbsp;TOKYO&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, D.C. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised its disclosure on pages 2,
50, 111 and 130. The Company respectfully advises the Staff that the patent counts on pages 2, 50, 111 and 130 exclude patents that are <FONT STYLE="white-space:nowrap">non-exclusively</FONT> licensed from Harvard. Thus, these counts correctly
reflect the number of patents and patent applications owned or exclusively licensed by the Company. Similarly, the Territory limitation of section 1.20 applies only to one <FONT STYLE="white-space:nowrap">non-exclusively</FONT> licensed patent
family, as reflected on page 6 of the applicable license agreement. Accordingly, the Company believes that the counts on pages 2, 50, 111 and 130 accurately reflect the worldwide number of patents and patent applications owned or exclusively
licensed by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In addition, the Company respectfully advises the Staff that in connection with the acquisition of Epinomics,
Stanford waived its rights under Section&nbsp;7.4 of the applicable equity agreement. As a result of such waiver, Stanford does not have any purchase rights under Section&nbsp;7.4. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 1. If you elect to mitigate your summary disclosure about the risk by
referring to a new product, please highlight at least as prominently in your prospectus summary any proceedings relating to infringement regarding that product. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised its disclosure on pages 6 and 7. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>We involved in lawsuits, page 47 </U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 3 and your revised disclosure in the first two paragraphs of this
risk factor. Please disclose the portion of your products affected by the patents that are the subjects of the proceedings mentioned in the third and fourth paragraphs. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised its disclosure on page 49. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Silicon Valley Bank Loan and Security Agreement, page 86</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please expand your response to prior comment 5 to provide us an analysis of the extent that your results
could change while still satisfying the revenue covenant in future periods. Also provide us your analysis of the risk that your results could change to that extent or more due to results of litigation or otherwise. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As disclosed on page 93, under its Loan and Security Agreement, the Company has a covenant to maintain minimum revenue equal to at least 70% of
projected revenue for the applicable periods through and including December&nbsp;31, 2020. The Company respectfully advises the Staff that the Company has never missed its revenue covenant target on a monthly basis, much less violated the covenant,
which is calculated on a <FONT STYLE="white-space:nowrap">6-month</FONT> trailing basis. The Company also respectfully advises the Staff that the Company&#146;s results during the remainder of 2019 could change significantly and the Company would
still be in compliance with such covenant. As disclosed on pages 45, 46 and 47 and elsewhere in the Registration Statement, the Company&#146;s litigation risk has been clarified by recent court rulings and, as a result of the certainty provided by
such rulings, the Company does not believe that such rulings pose even a potential risk of its ability to meet its revenue covenant targets, particularly for the remainder of 2019. In addition, since the covenant is based on revenue, rather than net
income, a court order that requires the Company to pay royalties to a third party would not in and of itself adversely impact the Company&#146;s ability to comply with the covenant. Moreover, the 2020 minimum revenue covenant targets will be
calculated based on forecasts that the Company is obligated to deliver to Silicon Valley Bank no later than February&nbsp;28, 2020. Though the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
Company has not yet completed its detailed forecasts for 2020, the Company&#146;s respectfully advises the Staff that those forecasts will account for the expected impact of the rulings referred
to on pages 45, 46, 47 and 48 as well as any additional rulings entered during 2019 or reasonably expected for 2020. As a result, the Company expects those minimum revenue covenant targets to factor in the impact of all litigation, and, as
disclosed, they will have a built in margin for error of 30%. The Company has nevertheless added disclosure to page 93 to highlight the risk that if its future estimates prove inaccurate it could result in a breach of the minimum revenue covenant.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Intellectual Property, page 122</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your response to prior comment 8; however, it is unclear how your revised disclosure provides more
specific information about the size of the &#147;low double digit percentage of revenue&#148; obligation. Please revise or advise. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised its disclosure on page 130. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Please call me <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(650-251-5130)</FONT></FONT> if you wish to discuss our responses to the comment letter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ Kevin Kennedy</TD></TR>
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<TD VALIGN="bottom">Kevin Kennedy</TD></TR>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Serge Saxonov, Chief Executive Officer, </P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Eric Whitaker, General Counsel and Secretary </P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">10x Genomics, Inc. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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