Singular Genomics Reports Recent Highlights and First Quarter 2023 Financial Results
10 5월 2023 - 5:01AM
Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company
leveraging novel next-generation sequencing (NGS) and multiomics
technologies to empower researchers and clinicians, today
highlighted recent corporate achievements and reported financial
results for the first quarter ended March 31, 2023.
“We had a productive first quarter, highlighted
by shipping three additional G4 systems to a diverse set of
customers,” said Drew Spaventa, Chairman and Chief Executive
Officer of Singular Genomics. “The value proposition of the G4 is
resonating among our current and potential customers, and we
continue to grow our order book and sales funnel. We remain focused
on customer success across a growing installed base, commercial and
operational execution, and advancing our innovation pipeline.”
First Quarter and Recent
Highlights
- Generated revenue of $863 thousand
for the first quarter of 2023.
- Shipped three G4 systems to new
customers in the first quarter of 2023, increasing the installed
base of commercial systems shipped to eight as of the end of the
first quarter of 2023.
- On track to release F3 flow cells
to our broader customer base in the second quarter of 2023,
doubling the number of reads and throughput of the G4 for the most
widely run applications.
- On track to initiate shipments of
the Max Read kits under an early access program in the second
quarter of 2023, increasing the potential output of the G4 to 800
million reads per flow cell, or 3.2 billion reads per run for
specific single cell and spatial sequencing applications.
First Quarter 2023 Financial
Results
Revenue for the first quarter of 2023 was $863
thousand, representing sequential growth compared to the fourth
quarter of 2022. Revenue during the quarter was recognized
primarily from three instrument placements.
Operating expenses for the first quarter of 2023
totaled $25.4 million, compared to $22.0 million for the first
quarter of 2022. Operating expenses included non-cash stock-based
compensation of $3.1 million for the first quarter of 2023 and $3.6
million for the first quarter of 2022. The year-over-year increase
in operating expenses was driven primarily by scaling headcount and
infrastructure to support our commercial growth and advancing our
product pipeline.
Net loss for the first quarter of 2023
was $23.6 million, or a loss of $0.33 per common share,
compared to $22.0 million, or a loss of $0.31 per common
share, in the first quarter of 2022.
Cash, cash equivalents and short-term
investments, excluding restricted cash, as of March 31, 2023
totaled $226.1 million.
Webcast and Conference Call
Details
Singular Genomics’ management team will host a
conference call today, May 9, 2023, beginning at 1:30 p.m. Pacific
Time / 4:30 p.m. Eastern Time. Investors interested in listening to
the conference call may do so by accessing a live and archived
webcast of the event at investor.singulargenomics.com, in the
Presentations & Events section.
About Singular Genomics Systems,
Inc.
Singular Genomics is a life science technology
company that develops next-generation sequencing and multiomics
technologies. The commercially available G4 Sequencing Platform is
a powerful, highly versatile benchtop genomic sequencer designed to
produce fast and accurate results. In development, the PX system
leverages Singular’s proprietary sequencing technology, applying it
as an in situ readout to look at RNA and proteins in single cells
and tissue. With these products, Singular Genomics’ mission is to
empower researchers and clinicians to advance science and medicine.
Visit www.singulargenomics.com for more information.
Forward-Looking Statements
Certain statements contained in this press
release, other than historical information, constitute
forward-looking statements within the meaning of the federal
securities laws. Forward-looking statements include and are not
limited to statements regarding: (i) our ability to successfully
manufacture, commercialize and support the G4 in accordance with
our timelines, objectives and specifications; (ii) our ability to
close sales in our sales funnel; (iii) our ability to release F3
flow cells to our broader customer base on our timeline; (iv) our
ability to ship Max Read kits under an early access program on our
timeline; (v) our ability to achieve customer and scientific
acceptance of the G4; and (vi) quotes of management. Any such
forward-looking statements are based on our management’s current
expectations and are subject to risks and uncertainties that could
cause our actual future results to differ materially from our
management’s current expectations or those implied by our
forward-looking statements. These risks and uncertainties include
and are not limited to the following: (i) we have incurred
significant losses since inception, we expect to incur significant
losses in the future and we may not be able to generate sufficient
revenue to achieve and maintain profitability; (ii) we have very
little history manufacturing and commercializing our products or
technology; (iii) the life sciences technology market is highly
competitive, and if we fail to compete effectively, our business
and operating results will suffer; (iv) if we are sued for
infringing, misappropriating or otherwise violating intellectual
property rights of third parties, such litigation could be costly
and time consuming and could prevent or delay us from developing or
commercializing our products; (v) if our products fail to achieve
early customer and scientific acceptance, we may not be able to
achieve broader market acceptance for our products, and our
revenues and prospects may be harmed; (vi) we expect to be highly
dependent upon revenue generated from the sale of the G4 and
planned PX, and any delay or failure by us to successfully
manufacture and commercialize the G4 and planned PX could have a
substantial adverse effect on our business and results of
operations; and (vii) the COVID-19 pandemic, efforts to reduce its
spread and recent macroeconomic challenges have adversely impacted,
and may materially and adversely impact, our business, operations
and product manufacturing and commercialization objectives. These
and other risk factors that may affect our future results of
operations are identified and described in more detail in our most
recent filings on Forms 10-K and 10-Q and in other filings that we
make with the SEC from time to time, including our Quarterly Report
on Form 10-Q for the period ended March 31, 2023, filed with the
SEC on May 9, 2023. Accordingly, you should not rely on
forward-looking statements as predictions of future events or our
future performance. Except as required by law, we undertake no
obligation to update publicly or revise any forward-looking
statements contained herein, whether as a result of any new
information, future events, changed circumstances or otherwise.
Investor Contact
Matt
Clawson949-370-8500ir@singulargenomics.com
Media Contact
Dan Budwick, 1AB973-271-6085dan@1abmedia.com
|
Singular Genomics Systems, Inc.Statements
of Operations(In thousands, except share and per
share amounts) |
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
Revenue |
$ |
863 |
|
|
$ |
- |
|
Cost of revenue |
|
807 |
|
|
|
- |
|
Gross margin |
|
56 |
|
|
|
- |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
12,230 |
|
|
|
10,645 |
|
Selling, general and administrative |
|
13,204 |
|
|
|
11,375 |
|
Total operating expenses |
|
25,434 |
|
|
|
22,020 |
|
Loss from operations |
|
(25,378 |
) |
|
|
(22,020 |
) |
Other income (expense): |
|
|
|
|
|
Interest expense |
|
(259 |
) |
|
|
(142 |
) |
Interest and other income |
|
2,004 |
|
|
|
156 |
|
Total other income |
|
1,745 |
|
|
|
14 |
|
Net loss |
$ |
(23,633 |
) |
|
$ |
(22,006 |
) |
Net loss per share: |
|
|
|
|
|
Basic and diluted net loss per share |
$ |
(0.33 |
) |
|
$ |
(0.31 |
) |
Weighted-average shares used to compute basic and diluted net loss
per share |
|
71,926,412 |
|
|
|
71,011,041 |
|
|
Singular Genomics Systems, Inc.Balance
Sheets(In thousands, except share and par value
amounts) |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
129,283 |
|
|
$ |
74,266 |
|
Short-term investments |
|
|
96,790 |
|
|
|
170,310 |
|
Accounts receivable |
|
|
14 |
|
|
|
913 |
|
Inventory |
|
|
17,160 |
|
|
|
18,221 |
|
Prepaid expenses and other current assets |
|
|
3,224 |
|
|
|
4,722 |
|
Total current assets |
|
|
246,471 |
|
|
|
268,432 |
|
Right-of-use lease assets |
|
|
44,873 |
|
|
|
45,896 |
|
Property and equipment,
net |
|
|
11,259 |
|
|
|
10,784 |
|
Restricted cash |
|
|
1,711 |
|
|
|
1,711 |
|
Other noncurrent assets |
|
|
1,152 |
|
|
|
1,152 |
|
Total assets |
|
$ |
305,466 |
|
|
$ |
327,975 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,977 |
|
|
$ |
3,099 |
|
Accrued expenses |
|
|
3,353 |
|
|
|
4,583 |
|
Lease liabilities, current |
|
|
6,952 |
|
|
|
6,323 |
|
Other current liabilities |
|
|
208 |
|
|
|
113 |
|
Total current liabilities |
|
|
12,490 |
|
|
|
14,118 |
|
Lease liabilities,
noncurrent |
|
|
41,550 |
|
|
|
42,456 |
|
Long-term debt, net of
issuance costs |
|
|
10,103 |
|
|
|
10,065 |
|
Other noncurrent
liabilities |
|
|
998 |
|
|
|
1,015 |
|
Total liabilities |
|
|
65,141 |
|
|
|
67,654 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Series A common stock equivalent convertible preferred stock,
$0.0001 par value; 7,000 shares authorized, 2,500 shares issued and
outstanding at March 31, 2023 and December 31, 2022 |
|
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value; 400,000,000 shares authorized,
71,995,966 and 71,854,688 shares outstanding at March 31, 2023 and
December 31, 2022, respectively |
|
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
|
507,117 |
|
|
|
503,926 |
|
Accumulated other comprehensive loss |
|
|
(391 |
) |
|
|
(837 |
) |
Accumulated deficit |
|
|
(266,408 |
) |
|
|
(242,775 |
) |
Total stockholders’ equity |
|
|
240,325 |
|
|
|
260,321 |
|
Total liabilities and stockholders’ equity |
|
$ |
305,466 |
|
|
$ |
327,975 |
|
Singular Genomics Systems (NASDAQ:OMIC)
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부터 4월(4) 2024 으로 5월(5) 2024
Singular Genomics Systems (NASDAQ:OMIC)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024