Singular Genomics Reports Recent Highlights and Second Quarter 2023 Financial Results
10 8월 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 second quarter ended June 30, 2023.
“We made significant advancements across our
operations, manufacturing and commercial infrastructure, and saw
growth in our sales funnel. In addition, we shipped three G4
systems, commenced the broad commercial launch of F3 flow cells and
consumable kits and are shipping Max Read kits for single cell
sequencing to early access customers,” said Drew Spaventa, Chairman
and Chief Executive Officer of Singular Genomics. “These recent
product launches, as well as our growing customer base and strong
sales funnel, position us favorably to ramp commercialization of
the G4 in the second half of 2023.”
Second Quarter and Recent
Highlights
- Generated revenue of $0.5 million
in the second quarter of 2023.
- Shipped three G4 systems in the
second quarter of 2023, increasing the installed base of commercial
systems shipped to 11 as of the end of the second quarter of
2023.
- Commenced the broad commercial
launch of the F3 flow cells and consumable kits, allowing users to
get up to 450 million reads per flow cell, or 1.8 billion reads per
run, for some of the most widely run applications.
- Initiated shipments of Max Read
kits for single cell sequencing to early access customers, enabling
800 million reads per flow cell, or 3.2 billion reads per run.
- Expanded commercial infrastructure
in Europe to support our international growth strategy.
Second Quarter 2023 Financial
Results
Revenue for the second quarter of 2023 was $0.5
million, driven primarily by recognition of sales on two instrument
placements.
Operating expenses for the second quarter of
2023 totaled $27.5 million, compared to $24.2 million for the
second quarter of 2022. Operating expenses included non-cash
stock-based compensation of $2.8 million for the second quarter of
2023 and $3.6 million for the second quarter of 2022. The year over
year increase in total operating expenses was driven primarily by
scaling headcount, facilities and infrastructure to support
commercialization of the G4 and development of our product
roadmap.
Net loss for the second quarter of 2023
was $25.6 million, or a loss of $0.35 per common share,
compared to $24.0 million, or a loss of $0.34 per common
share, in the second quarter of 2022.
Cash, cash equivalents and short-term
investments, excluding restricted cash, totaled $206.7 million
as of June 30, 2023.
Webcast and Conference Call
Details
Singular Genomics’ management team will host a
conference call today, August 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, but are not
limited to, statements regarding: (i) our ability to successfully
manufacture, commercialize and support the G4 and our F3 flow cells
in accordance with our timelines, objectives and specifications;
(ii) our ability to close sales in our sales funnel and effectively
expand our international commercial presence and customer base;
(iii) our ability to release Max Read kits to our broader customer
base on our timeline; (iv) the ability of our product offerings to
successfully compete with existing and new products offered by our
competitors; (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,
but 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) recent macroeconomic challenges such as
inflation and rising interest rates 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 June 30, 2023, filed with the SEC on August 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 |
(Unaudited) |
(In thousands, except share and per share
amounts) |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
505 |
|
|
$ |
- |
|
|
$ |
1,368 |
|
|
$ |
- |
|
Cost of revenue |
|
597 |
|
|
|
- |
|
|
|
1,404 |
|
|
|
- |
|
Gross margin |
|
(92 |
) |
|
|
- |
|
|
|
(36 |
) |
|
|
- |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
12,624 |
|
|
|
12,061 |
|
|
|
24,854 |
|
|
|
22,707 |
|
Selling, general and administrative |
|
14,887 |
|
|
|
12,182 |
|
|
|
28,091 |
|
|
|
23,556 |
|
Total operating expenses |
|
27,511 |
|
|
|
24,243 |
|
|
|
52,945 |
|
|
|
46,263 |
|
Loss from operations |
|
(27,603 |
) |
|
|
(24,243 |
) |
|
|
(52,981 |
) |
|
|
(46,263 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(270 |
) |
|
|
(167 |
) |
|
|
(529 |
) |
|
|
(309 |
) |
Interest and other income |
|
2,295 |
|
|
|
428 |
|
|
|
4,299 |
|
|
|
584 |
|
Total other income |
|
2,025 |
|
|
|
261 |
|
|
|
3,770 |
|
|
|
275 |
|
Net loss |
$ |
(25,578 |
) |
|
$ |
(23,982 |
) |
|
$ |
(49,211 |
) |
|
$ |
(45,988 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
$ |
(0.35 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.65 |
) |
Weighted-average shares used to compute basic and diluted net loss
per share |
|
72,510,020 |
|
|
|
70,779,326 |
|
|
|
72,218,280 |
|
|
|
70,893,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Singular Genomics Systems, Inc. |
|
Balance Sheets |
(In thousands, except share and par value
amounts) |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
74,817 |
|
|
$ |
74,266 |
|
Short-term investments |
|
|
131,866 |
|
|
|
170,310 |
|
Accounts receivable |
|
|
32 |
|
|
|
913 |
|
Inventory |
|
|
14,354 |
|
|
|
18,221 |
|
Prepaid expenses and other current assets |
|
|
4,624 |
|
|
|
4,722 |
|
Total current assets |
|
|
225,693 |
|
|
|
268,432 |
|
Right-of-use lease assets |
|
|
43,864 |
|
|
|
45,896 |
|
Property and equipment,
net |
|
|
11,487 |
|
|
|
10,784 |
|
Restricted cash |
|
|
1,711 |
|
|
|
1,711 |
|
Other noncurrent assets |
|
|
1,223 |
|
|
|
1,152 |
|
Total assets |
|
$ |
283,978 |
|
|
$ |
327,975 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,974 |
|
|
$ |
3,099 |
|
Accrued expenses |
|
|
4,147 |
|
|
|
4,583 |
|
Lease liabilities, current |
|
|
7,607 |
|
|
|
6,323 |
|
Other current liabilities |
|
|
222 |
|
|
|
113 |
|
Total current liabilities |
|
|
13,950 |
|
|
|
14,118 |
|
Lease liabilities,
noncurrent |
|
|
40,650 |
|
|
|
42,456 |
|
Long-term debt, net of
issuance costs |
|
|
10,136 |
|
|
|
10,065 |
|
Other noncurrent
liabilities |
|
|
854 |
|
|
|
1,015 |
|
Total liabilities |
|
|
65,590 |
|
|
|
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 June 30, 2023 and December 31, 2022 |
|
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value; 400,000,000 shares authorized,
73,084,481 and 71,854,688 shares outstanding at June 30, 2023 and
December 31, 2022, respectively |
|
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
|
510,695 |
|
|
|
503,926 |
|
Accumulated other comprehensive loss |
|
|
(328 |
) |
|
|
(837 |
) |
Accumulated deficit |
|
|
(291,986 |
) |
|
|
(242,775 |
) |
Total stockholders’ equity |
|
|
218,388 |
|
|
|
260,321 |
|
Total liabilities and stockholders’ equity |
|
$ |
283,978 |
|
|
$ |
327,975 |
|
Singular Genomics Systems (NASDAQ:OMIC)
과거 데이터 주식 차트
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