Singular Genomics Reports Recent Highlights and Third Quarter 2023 Financial Results
15 11월 2023 - 6:01AM
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 third quarter ended September 30, 2023.
“We shipped five G4 systems in the third
quarter, our highest quarterly total yet, launched Max Read flow
cell kits for single cell sequencing, and saw our largest number of
quarterly consumable kit orders,” said Drew Spaventa, Chairman and
Chief Executive Officer of Singular Genomics. “In the near term, we
will be building our installed base more aggressively and
prioritizing fewer yet higher impact products on our product
roadmap. We have also cut costs to extend runway, providing time to
build our installed base, get high-impact products to market, and
scale revenue.”
Third Quarter and Recent
Highlights
- Generated revenue of $0.5 million
in the third quarter of 2023.
- Shipped five G4 systems in the
third quarter of 2023, increasing the total number of commercial
systems shipped to 16 as of the end of the third quarter of
2023.
- Converted the majority of the
installed base to F3 flow cells, 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.
- Completed the early access program
and commenced the broad commercial launch of Max Read flow cell
kits for single cell sequencing, enabling 800 million reads per
flow cell, or 3.2 billion reads per run.
- Implemented cost-cutting measures,
including a workforce reduction of approximately 10%, to reduce
operating expenses and extend cash runway into the first quarter of
2026.
Third Quarter 2023 Financial
Results
Revenue for the third quarter of 2023 was $0.5
million, driven primarily by recognition of sales on one instrument
placement. The company expects revenue from the remaining four
instrument shipments to be recognized over time as customers
purchase consumables for these instruments.
Operating expenses for the third quarter of 2023
totaled $24.5 million, compared to $24.7 million for the third
quarter of 2022. Operating expenses included non-cash stock-based
compensation of $2.8 million for the third quarter of 2023 and $3.4
million for the third quarter of 2022. The year over year decrease
in total operating expenses was driven primarily by a decrease in
research and development materials and other general lab supply
costs as the company transitioned from development to
commercialization of the G4.
Net loss for the third quarter of 2023
was $22.4 million, or a loss of $0.31 per common share,
compared to $23.8 million, or a loss of $0.33 per common
share, for the third quarter of 2022.
Cash, cash equivalents and short-term
investments, excluding restricted cash, totaled $190.7 million
as of September 30, 2023.
Webcast and Conference Call
Details
Singular Genomics’ management team will host a
conference call today, November 14, 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 dialing
1-888-506-0062 for domestic callers or 1-973-528-0011 for
international callers and using conference ID 616134 approximately
five minutes prior to the start time. A live and archived webcast
of the event will be available 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 addition, Singular Genomics
commenced development of the PX system, which leverages Singular’s
proprietary sequencing technology, applying it as an in situ
readout to look at RNA and proteins in single cells and tissue.
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 flow cell
kits in accordance with our timelines, objectives and
specifications; (ii) our ability to ship Max Read kits to our
broader customer base on our timeline; (iii) our expectations on
cash runway, including whether our cost-cutting measures will have
any material impact on our operating expenses or cash runway; (iv)
our expectations regarding future revenue; and (v) 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 future products, and any delay or failure by
us to successfully manufacture and commercialize the G4 and future
products 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, 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 September 30, 2023, filed with the SEC on
November 14, 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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
462 |
|
|
$ |
- |
|
|
$ |
1,830 |
|
|
$ |
- |
|
Cost of revenue |
|
527 |
|
|
|
- |
|
|
|
1,931 |
|
|
|
- |
|
Gross margin |
|
(65 |
) |
|
|
- |
|
|
|
(101 |
) |
|
|
- |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
11,220 |
|
|
|
12,732 |
|
|
|
36,074 |
|
|
|
35,439 |
|
Selling, general and administrative |
|
13,254 |
|
|
|
11,962 |
|
|
|
41,345 |
|
|
|
35,518 |
|
Total operating expenses |
|
24,474 |
|
|
|
24,694 |
|
|
|
77,419 |
|
|
|
70,957 |
|
Loss from operations |
|
(24,539 |
) |
|
|
(24,694 |
) |
|
|
(77,520 |
) |
|
|
(70,957 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(285 |
) |
|
|
(211 |
) |
|
|
(814 |
) |
|
|
(520 |
) |
Interest and other income |
|
2,464 |
|
|
|
1,115 |
|
|
|
6,763 |
|
|
|
1,699 |
|
Total other income |
|
2,179 |
|
|
|
904 |
|
|
|
5,949 |
|
|
|
1,179 |
|
Net loss |
$ |
(22,360 |
) |
|
$ |
(23,790 |
) |
|
$ |
(71,571 |
) |
|
$ |
(69,778 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share |
$ |
(0.31 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.99 |
) |
|
$ |
(0.98 |
) |
Weighted-average shares used
to compute basic and diluted net loss per share |
|
73,178,822 |
|
|
|
71,216,292 |
|
|
|
72,541,979 |
|
|
|
71,001,441 |
|
|
|
|
|
|
|
|
Singular Genomics Systems, Inc.Balance
Sheets(In thousands, except share and par value
amounts) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,301 |
|
|
$ |
74,266 |
|
Short-term investments |
|
|
157,416 |
|
|
|
170,310 |
|
Accounts receivable |
|
|
399 |
|
|
|
913 |
|
Inventory |
|
|
13,420 |
|
|
|
18,221 |
|
Prepaid expenses and other current assets |
|
|
6,259 |
|
|
|
4,722 |
|
Total current assets |
|
|
210,795 |
|
|
|
268,432 |
|
Right-of-use lease assets |
|
|
58,474 |
|
|
|
45,896 |
|
Property and equipment,
net |
|
|
13,426 |
|
|
|
10,784 |
|
Restricted cash |
|
|
1,711 |
|
|
|
1,711 |
|
Other noncurrent assets |
|
|
112 |
|
|
|
1,152 |
|
Total assets |
|
$ |
284,518 |
|
|
$ |
327,975 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,432 |
|
|
$ |
3,099 |
|
Accrued expenses |
|
|
5,063 |
|
|
|
4,583 |
|
Lease liabilities, current |
|
|
7,706 |
|
|
|
6,323 |
|
Other current liabilities |
|
|
252 |
|
|
|
113 |
|
Total current liabilities |
|
|
15,453 |
|
|
|
14,118 |
|
Lease liabilities,
noncurrent |
|
|
59,124 |
|
|
|
42,456 |
|
Long-term debt, net of
issuance costs |
|
|
10,175 |
|
|
|
10,065 |
|
Other noncurrent
liabilities |
|
|
739 |
|
|
|
1,015 |
|
Total liabilities |
|
|
85,491 |
|
|
|
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 September 30, 2023 and December 31, 2022 |
|
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value; 400,000,000 shares authorized,
73,343,510 and 71,854,688 shares outstanding at September 30, 2023
and December 31, 2022, respectively |
|
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
|
513,580 |
|
|
|
503,926 |
|
Accumulated other comprehensive loss |
|
|
(214 |
) |
|
|
(837 |
) |
Accumulated deficit |
|
|
(314,346 |
) |
|
|
(242,775 |
) |
Total stockholders’ equity |
|
|
199,027 |
|
|
|
260,321 |
|
Total liabilities and stockholders’ equity |
|
$ |
284,518 |
|
|
$ |
327,975 |
|
Singular Genomics Systems (NASDAQ:OMIC)
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부터 4월(4) 2024 으로 5월(5) 2024
Singular Genomics Systems (NASDAQ:OMIC)
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부터 5월(5) 2023 으로 5월(5) 2024