Madrone Opportunity Fund Reports 5.6% Holding in PACB

Rhea-AI Filing Summary

Multiple related parties reported material holdings in Pacific Biosciences (PACB). Madrone Opportunity Fund directly holds 16,762,216 shares (5.6% of class) and Shimoda Holdings directly holds 3,500,000 shares (1.2%). Gregory Boyd Penner is reported as an individual with aggregate beneficial ownership of 20,262,216 shares (6.8% of class), reflecting his roles across the filing entities.

The filing discloses that the reported shares carry shared voting and shared dispositive power among the reporting persons and that the percentage figures are calculated using 300,084,685 shares outstanding as the denominator. The reporting persons expressly disclaim status as a "group."

Positive

• Aggregate beneficial ownership disclosed: Gregory Penner reports 20,262,216 shares (6.8%) of PACB, a material position.
• Madrone Opportunity Fund transparency: Direct holding of 16,762,216 shares (5.6%) clearly reported.
• Clear voting/dispositive power disclosure: Filing states shared voting and shared dispositive power for reported positions.
• Percentage basis provided: Ownership percentages use 300,084,685 shares outstanding for calculation.

Negative

• None.

Insights

Securities Analyst

TL;DR: Combined holdings represent a meaningful >5% stake, with shared voting power across related entities.

The Schedule 13G/A shows clear, quantifiable positions: Madrone Opportunity Fund holds 16,762,216 shares (5.6%) and Shimoda holds 3,500,000 shares (1.2%), producing an aggregate beneficial ownership for Gregory Penner of 20,262,216 shares (6.8%). Reported authority is shared voting and shared dispositive power, which signals coordinated control over disposition and voting of these shares even as the filing explicitly disclaims group status. The percent basis is disclosed as 300,084,685 shares outstanding, giving clarity to the stake magnitude.

Corporate Governance Expert

TL;DR: Managers and entities report overlapping authority; formal disclaimer of a "group" contrasts with shared powers disclosed.

The filing documents that Madrone GP, as general partner of Madrone Opportunity Fund, and managers (Penner, McJunkin, Patterson) share voting and investment authority over Madrone's 16,762,216-share position. Shimoda's 3,500,000-share position is managed in part by Penner. While the Reporting Persons "expressly disclaim" group status, the combination of shared voting and shared dispositive power is governance-relevant and amounts to a substantive disclosure for investors assessing potential influence on issuer decisions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Pacific Biosciences of California, Inc.

(Name of Issuer)

Common Stock, par value $0.001

(Title of Class of Securities)

69404D108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

Madrone Capital Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,762,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,762,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,762,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

Madrone Opportunity Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,762,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,762,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,762,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

Shimoda Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,500,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,500,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,500,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

Gregory Boyd Penner

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 20,262,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,262,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,262,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

Jameson J. McJunkin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,762,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,762,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,762,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 69404D108

1

Names of Reporting Persons

Thomas Patterson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,762,216.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,762,216.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,762,216.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pacific Biosciences of California, Inc.
(b)	Address of issuer's principal executive offices: 1305 O'Brien Drive, Menlo Park, CA, 94024.
Item 2.
(a)	Name of person filing: The names of the persons filing this report (collectively, the "Reporting Persons") are: Madrone Capital Partners, LLC ("Madrone GP") Madrone Opportunity Fund, L.P. ("Madrone") Shimoda Holdings, LLC ("Shimoda") Gregory Penner ("Penner") Jameson McJunkin ("McJunkin") Thomas Patterson ("Patterson") The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)	Address or principal business office or, if none, residence: PO Box #6476 Denver, CO 80206
(c)	Citizenship: Madrone GP Delaware Madrone Delaware Shimoda Delaware Penner United States McJunkin United States Patterson United States
(d)	Title of class of securities: Common Stock, par value $0.001
(e)	CUSIP No.: 69404D108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference. The Reporting Persons' ownership of the Issuer's securities consists of (i) 16,762,216 shares of common stock held directly by Madrone and (ii) 3,500,000 shares of common stock held directly by Shimoda. Madrone GP is the general partner of Madrone and shares voting and investment authority over the shares held by Madrone. Penner, McJunkin and Patterson are managers of Madrone GP and share voting and investment authority over the shares held by Madrone. Penner is a Vice President and Manager of Shimoda and shares voting and investment authority over the shares held by Shimoda.
(b)	Percent of class: Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference. The percentage set forth in each row 11 is based upon 300,084,685 shares of the Issuer's common stock outstanding as of April 30, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on May 12, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2025 and is incorporated by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Madrone Capital Partners, LLC

Signature:	/s/ Gregory Penner
Name/Title:	Gregory Penner, Manager
Date:	08/14/2025

Madrone Opportunity Fund, L.P.

Signature:	/s/ Gregory Penner
Name/Title:	By Madrone Capital Partners, LLC, its General Partner, By Gregory Penner, Manager
Date:	08/14/2025

Shimoda Holdings, LLC

Signature:	/s/ Gregory Penner
Name/Title:	Vice President and Manager
Date:	08/14/2025

Gregory Boyd Penner

Signature:	/s/ Gregory Penner
Name/Title:	Gregory Penner
Date:	08/14/2025

Jameson J. McJunkin

Signature:	/s/ James McJunkin
Name/Title:	James McJunkin
Date:	08/14/2025

Thomas Patterson

Signature:	/s/ Thomas Patterson
Name/Title:	Thomas Patterson
Date:	08/14/2025

Exhibit Information

Exhibit 99.1 Joint Filing Agreement (incorporated by reference to Exhibit A to the Schedule 13G filed by the Reporting Persons with the SEC on June 1, 2022).

FAQ

Who filed the Schedule 13G/A for Pacific Biosciences (PACB)?

The filing lists Madrone Capital Partners, LLC; Madrone Opportunity Fund, L.P.; Shimoda Holdings, LLC; Gregory Boyd Penner; Jameson J. McJunkin; and Thomas Patterson as the Reporting Persons.

How many PACB shares does Gregory Penner beneficially own according to the filing?

The filing reports that Gregory Penner beneficially owns 20,262,216 shares, representing 6.8% of the class.

What holdings does Madrone Opportunity Fund report in PACB?

Madrone Opportunity Fund is reported to hold 16,762,216 shares, representing 5.6% of the outstanding common stock.

Does the filing state whether the reporting persons have voting or dispositive power?

Yes. The filing discloses shared voting power and shared dispositive power over the reported shares for the relevant reporting persons.

On what share count are the ownership percentages based?

Percentages are calculated using 300,084,685 shares outstanding as referenced in the filing.

Do the reporting persons claim to be a group under the Schedule 13G/A?

The reporting persons expressly disclaim status as a "group" in this Schedule 13G/A.

Was the ownership reported as held for the purpose of changing control of PACB?

The certification in the filing states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.