10x Genomics will create big new Pleasanton campus amid expansion
10x Genomics has crafted plans for a major expansion of its Pleasanton operations through the purchase of a big property that it will develop as a modern campus, the biotech company said Tuesday.
The life sciences company says it could construct up to three buildings on a site a short distance from Stoneridge Shopping Center in Pleasanton.
Separately, 10x Genomics has leased office space in a building at 6210 Stoneridge Mall Road, which is next to the company’s existing headquarters at 6230 Stoneridge mall.
“We are in the century of biology,” said Serge Saxonov, chief executive officer and co-founder of 10x Genomics. “Our 10x technologies are fueling discoveries around the globe at a rapid rate, accelerating the need to expand our facilities to better serve our customers.”
Pleasanton-based 10x Genomics has made it clear through its approach to expansion that it intends to establish its roots in its home town on a long-term basis.
On Jan. 25, 10x Genomics paid $29.4 million in cash for a 14.6-acre site at 1701 Springdale Ave., where the company will develop a second office campus in Pleasanton.
This new campus will total 381,000 square feet consisting of up to three buildings, along with the construction of a parking garage.
“We have experienced rapid headcount growth from 110 employees as of December 31, 2015, to 852 employees as of December 31, 2020,” 10x Genomics stated in an annual report for 2020 that was filed on Feb. 26 with securities regulators.
The figure of 852 workers worldwide is 46% higher than the 584 workers the company reported at the end of 2019. The company now estimates that its workforce has topped 900 employees globally.
In its 2020 fiscal year that ended on Dec. 31, 10x Genomics produced $298.8 million in revenue, which was up 21.5% from 2019. The company, however, has lost money on a steady basis.
10x Genomics makes equipment, software, and other products that the company touts as allowing biomedical experts to analyze cells in greater detail and with more precision than before.
“Our products have enabled researchers to make fundamental discoveries across multiple areas of biology, including oncology, immunology, and neuroscience,” 10x Genomics stated in a prospectus for its initial public offering of stock.
The 10x Genomics IPO, launched in September 2019, raised $390 million at a per-share price of $39. The company’s current stock price is roughly 284% higher than the IPO price, or more than three times greater than the launch levels.
The Monday closing price for 10x Genomics, however, was 28% below the company’s all-time high closing price of $196.96, achieved on Feb. 12, 2021.
The birth and growth of 10x Genomics stir echoes of the humble origins of some of Silicon Valley’s most iconic tech companies.
“Pleasanton has been an incredible base for us since our start in a garage almost 10 years ago with its great talent, affordable cost of living, and vibrant community,” Saxonov said.
To recognize the company’s expansion and ongoing investment in Pleasanton, the city will unveil a new street name, effective later this year.