Scorpius Holdings Provides 2023 Year-End Business Update; Reports 570% Sequential Increase in Revenue for the Fourth Quarter of 2023
29 4월 2024 - 9:00PM
Scorpius Holdings, Inc (NYSE
American: SCPX) (‘Scorpius” or “the
Company”), an integrated contract development and manufacturing
organization providing state-of-the-art large molecule contract
development and manufacturing organization (“CDMO”), today provided
strategic, financial, and operational updates for the year ended
December 31, 2023.
Jeff Wolf, CEO of Scorpius Holdings, Inc., stated, “We are
executing our plan to augment sales and drive revenue, as evidenced
by the $4.8 million of revenue from continuing operations that we
reported in the fourth quarter of 2023. This represents a 570%
increase from the third quarter of 2023, and a 226% increase
compared to revenue for the first nine months of the year. To date,
Scorpius’s successful business development efforts have resulted in
the recording of more than $20 million of contract bookings. We
believe our bookings, coupled with the strong interest in our
microbial and mammalian capabilities and promising pipeline of new
opportunities, positions us well for significant growth in 2024 and
beyond.”
"As the large molecule drug substance CDMO market is projected
to grow from $10 billion in 2023 to $21 billion by 20301, there is
a substantial need for enhanced industry capacity. With our
scalable business model and the rising demand for our large
molecule CDMO services, we believe that we are well-positioned to
capture a meaningful share of this market. Moreover, we expect
Scorpius’ growth to accelerate in 2024 and remain optimistic about
becoming cash flow positive by early 2025. With the completion of
our facility and divestiture of our research and non-core assets,
we substantially reduced our operating expenses in the fourth
quarter of 2023. As a result, we believe the future for Scorpius
could not be brighter as our 60,000+ sq. ft. campus provides us
sufficient capacity to grow our business with minimal additional
capex requirements, which we believe is the key to maximizing
profits and returns for our shareholders,” concluded Mr. Wolf.
2023 Financial Results
- For the year ended December 31, 2023, the Company recognized
$6.6 million of contract revenue, $0.3 million of National
Institutes of Health grant revenue, and $0.1 million of royalty
revenue from continuing operations. For the year ended December 31,
2022, revenue consisted of $0.1 million of contract revenue and
$0.3 million of CPRIT grant revenue from continuing operations. The
revenue does not reflect any revenue derived from Elusys
Therapeutics which was divested in December 2023 and reported in
discontinued operations. The increase in contract revenue is
primarily due to the execution of process development contracts, a
substantial portion of which was from one customer, from which we
no longer anticipate deriving significant revenue.
- For the year ended December 31, 2023, the Company recognized
$2.7 million of cost of revenues from product sales as compared to
$0.1 million for the year ended December 31, 2022. The increase of
$2.6 million was due to the cost of executing on process
development contracts.
- Selling, general and administrative expenses for the years
ended December 31, 2023, and 2022 were $26.2 million and $20.1
million, respectively. The increase of $6.1 million was primarily
due to increased sales and marketing costs for marketing the
Company to the CDMO market space of $2.4 million, an increase in
labor for Scorpius to support operations of $1.8 million, an
increase in legal, accounting, and other professional expenses to
manage the business of $1.8 million, an increase in facilities
expenses from the opening of our San Antonio facility of $1.4
million, an increase in depreciation and amortization of $0.8
million due to increased investment in equipment and the
amortization of right to use assets, offset by decreases in
stock-based compensation of $1.1 million, a decrease in other
facility and operation expenses of $0.4 million, a reduced need for
outside consultants associated with the build-out of Scorpius of
$0.4 million, and a reduction of insurance costs of $0.1
million.
- In-process research and development (“IPR&D”) impairment
was $0 and $3.5 million for the years ended December 31, 2023, and
2022, respectively. IPR&D was fully impaired during the third
quarter of 2022 as the PTX-35 trial did not progress to Phase
2.
- Net loss attributable to Scorpius was approximately $45.2
million, or ($1.74) per basic and diluted share, for the year ended
December 31, 2023, compared to approximately $43.4 million, or
($1.70) per basic and diluted share, for the year ended December
31, 2022.
- As of December 31, 2023, the Company had approximately $2.4
million in cash, cash equivalents, and short-term investments.
Pursuant to the disclosure requirements of the NYSE American
Company Guidelines Sections 401(h) and 610(b), Scorpius reports
that its audited financial statements for the year ended December
31, 2023 and 2022, included in its 2023 annual report on Form 10-K,
contain an audit opinion from its independent registered public
accounting firm that includes an explanatory paragraph related to
the Company’s ability to continue as a going concern due to the
fact that the Company has suffered recurring losses from operations
and has not generated significant revenue or positive cash flows
from operations.
_____________________________________
1 SkyQuest Large Molecule Industry Forecast, February 2024
Scorpius Holdings, Inc.
Scorpius Holdings Inc. is an integrated CDMO
focused on manufacturing biologic and cell therapy programs for our
clients. Scorpius offers a broad array of analytical testing,
process development, and manufacturing services to pharmaceutical
and biotech companies at its state-of-the-art facilities in San
Antonio, TX. With an experienced team and new, purpose-built U.S.
facilities, Scorpius is dedicated to transparent collaboration and
flexible, high-quality biologics biomanufacturing. For more
information, please visit www.scorpiusbiologics.com.
Forward-Looking Statement
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. In some cases, forward-looking statements can be
identified by terminology such as "may," "should," "potential,"
"continue," "expects," "anticipates," "intends," "plans,"
"believes," "estimates," and similar expressions, and include
statements such as the bookings, coupled with the strong interest
in the Company’s microbial and mammalian capabilities and promising
pipeline of new opportunities, positions it well for significant
growth in 2024 and beyond; the large molecule drug substance CDMO
market projected growth from $10 billion in 2023 to $21 billion by
2030; being well-positioned to capture a meaningful share of the
market; Scorpius’ growth accelerating in 2024 and becoming cash
flow positive by early 2025; the future for Scorpius could not be
brighter as its 60,000+ sq. ft. campus provides it sufficient
capacity to grow its business with minimal additional capex
requirements, and maximizing profits and returns for its
shareholders. Important factors that could cause actual results to
differ materially from current expectations include, among others,
the Company’s ability to expand its large molecule biomanufacturing
CDMO services, attract new customers, profit from its bookings and
continue to grow revenue; the ability to capture a meaningful
market share; he ability to become cash flow positive; the
Company’s financing needs, its cash balance being sufficient to
sustain operations and its ability to raise capital when needed,
the Company’s ability to leverage fixed costs and achieve long-term
profitability; the Company’s ability to obtain regulatory approvals
or to comply with ongoing regulatory requirements, regulatory
limitations relating to the Company’s ability to successfully
promote its services and compete as a pure- play CDMO, and other
factors described in the Company’s annual report on Form 10-K for
the year ended December 31, 2023, subsequent quarterly reports on
Form 10-Qs and any other filings the Company makes with the SEC.
The information in this presentation is provided only as of the
date presented, and the Company undertakes no obligation to update
any forward-looking statements contained in this presentation on
account of new information, future events, or otherwise, except as
required by law.
Media and Investor Relations
ContactDavid Waldman+1 919 289
4017ir@scorpiusbiologics.com
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