Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company
leveraging novel next-generation sequencing (NGS) and spatial
multiomics technologies to empower researchers and clinicians,
today highlighted recent corporate achievements and reported
financial results for the fourth quarter and full year ended
December 31, 2023.
“We ended 2023 on a strong note, shipping our
largest number of quarterly instruments to-date,” said Drew
Spaventa, Chairman and Chief Executive Officer of Singular
Genomics. “We continue to build momentum in early 2024 with the
recent unveiling of the G4X, the first in situ spatial sequencer.
The G4X brings sequencing into tissue sections, offering new
capabilities and novel data streams with industry-leading
throughput and cost.”
Fourth Quarter and Recent Financial
Highlights
- Generated revenue of $1.1 million
in the fourth quarter of 2023, representing growth of 41% compared
to prior year period and 134% compared to the third quarter of
2023.
- Shipped eight G4 systems in the
fourth quarter of 2023, increasing the total number of commercial
systems shipped to 24 as of the end of the fourth quarter of
2023.
- Implemented additional cost-cutting
measures in March 2024 to support the Company’s launch into spatial
sequencing, including a workforce reduction of approximately 20%,
to reduce operating expenses and extend cash runway.
Product Roadmap Highlights
- Unveiled the G4X™ Spatial
Sequencer, a high-throughput in situ spatial sequencing platform
capable of simultaneous direct RNA sequencing, targeted
transcriptomics, proteomics and fluorescent H&E from
formalin-fixed, paraffin-embedded (FFPE) tissues. The G4X is
expected to be the only instrument to offer the capabilities for
both NGS and tissue-based in situ spatial multiomics including:
- Industry-leading Throughput – An imaging area of 40 cm2 per run
across four spatial flow cells is expected to dramatically increase
sample throughput while retaining flexibility for smaller
runs.
- Rapid Turn-around-time – With a specialized tissue transfer
process, streamlined sample preparation workflow, and high-speed
single-day sequencing, users will have the ability to go from
sample-to-discovery in just three days.
- Cost-Effectiveness – With its unprecedented throughput, the G4X
will significantly reduce the cost per sample to less than half
that of alternative approaches, making spatial multiomics more
accessible.
- Upgrades expected to be available to G4 customers by the end of
2024, and to launch an early access program at the same time.
- Announced updates to the G4 benchtop sequencing system
including:
- Increased sequencing quality with
G4 runs now averaging above 90% bases ≥ Q30; raised specifications
to 85% bases ≥ Q30.
- Showcased Singular Connect™, a
web-based application for remote real-time monitoring of runs,
results viewing, and instrument and team management.
Fourth Quarter 2023 Financial
Results
Revenue for the fourth quarter of 2023 was $1.1
million, compared to $0.8 million in the fourth quarter of 2022,
representing growth of 41% compared to the prior year period,
primarily driven by eight instrument shipments during the
quarter.
Operating expenses for the fourth quarter of
2023 totaled $24.8 million, compared to $22.5 million for the
fourth quarter of 2022. Operating expenses included non-cash
stock-based compensation of $2.7 million for the fourth quarter of
2023 and $3.1 million for the fourth quarter of 2022. The year over
year increase was primarily driven by the timing of expenses
related to certain compensation and benefits and severance
costs.
Net loss for the fourth quarter of 2023
was $23.2 million, or a loss of $0.32 per common share,
compared to $21.1 million, or a loss of $0.29 per common
share, in the fourth quarter of 2022.
Full Year 2023 Financial
Results
Revenue for the full year of 2023 was $2.9
million compared to $0.8 million in 2022. We began recognizing
revenue on sales of the G4 in the fourth quarter of 2022.
Operating expenses for 2023 totaled $102.2
million compared to $93.5 million in 2022. Operating expenses
included non-cash stock-based compensation expense of
$11.4 million in 2023 and $13.7 million in 2022. The
year-over-year increase in total operating expenses was driven
primarily by scaling headcount and infrastructure to support
growth, including the G4 commercial launch and advancements of the
product pipeline and R&D roadmap.
Net loss for 2023 was $94.8 million, or a loss
of $1.30 per common share, compared to $90.9 million, or a loss of
$1.28 per common share, in 2022.
Cash, cash equivalents and short-term
investments, excluding restricted cash, as of December 31, 2023
totaled $173.9 million.
Webcast and Conference Call
Details
Singular Genomics’ management team will host a
conference call today, March 18, 2024, 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
1-877-545-0523 for domestic callers or 1-973-528-0016 for
international callers and using conference ID 476908 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, the company is
currently developing the G4X™ Spatial Sequencer, which will
leverage Singular’s proprietary sequencing technology, applying it
as an in situ readout for transcriptomics, proteomics and
fluorescent H&E in tissue, with spatial context and on the same
platform as the G4. 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 timeline and successful
development of the G4X; (ii) expected features, capabilities and
specifications of the G4X and the ability to deliver associated
services and grants; (iii) our ability to successfully manufacture,
commercialize and support the G4, G4X and our flow cell kits, in
accordance with our timelines, objectives and specifications; (iv)
our expectations on cash runway, including whether our cost-cutting
measures will have any material impact on our operating expenses or
cash runway; 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 are currently developing the G4X Spatial
Sequencer and related services and may not be successful in
completing its development on our projected timeline, with the
features and capabilities we expect, or at the cost we anticipate;
(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 on revenue generated from the
sale of the G4 and future products (such as the G4X), and any delay
or failure by us to successfully manufacture and commercialize the
G4 and future products (such as the G4X) 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 Annual Report on
Form 10-K for the period ended December 31, 2023, filed with the
SEC on March 18, 2024. 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 December 31, |
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
Revenue |
$ |
1,081 |
|
|
$ |
765 |
|
|
$ |
2,911 |
|
|
$ |
765 |
|
Cost of revenue |
|
1,538 |
|
|
|
789 |
|
|
|
3,469 |
|
|
|
789 |
|
Gross margin |
|
(457 |
) |
|
|
(24 |
) |
|
|
(558 |
) |
|
|
(24 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
11,690 |
|
|
|
10,760 |
|
|
|
47,764 |
|
|
|
46,199 |
|
Selling, general and administrative |
|
13,134 |
|
|
|
11,746 |
|
|
|
54,479 |
|
|
|
47,264 |
|
Total operating expenses |
|
24,824 |
|
|
|
22,506 |
|
|
|
102,243 |
|
|
|
93,463 |
|
Loss from operations |
|
(25,281 |
) |
|
|
(22,530 |
) |
|
|
(102,801 |
) |
|
|
(93,487 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(287 |
) |
|
|
(243 |
) |
|
|
(1,101 |
) |
|
|
(763 |
) |
Interest and other income |
|
2,319 |
|
|
|
1,672 |
|
|
|
9,082 |
|
|
|
3,371 |
|
Total other income |
|
2,032 |
|
|
|
1,429 |
|
|
|
7,981 |
|
|
|
2,608 |
|
Net loss |
$ |
(23,249 |
) |
|
$ |
(21,101 |
) |
|
$ |
(94,820 |
) |
|
$ |
(90,879 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
$ |
(0.32 |
) |
|
$ |
(0.29 |
) |
|
$ |
(1.30 |
) |
|
$ |
(1.28 |
) |
Weighted-average shares used to compute basic and diluted net loss
per share |
|
73,550,771 |
|
|
|
71,584,976 |
|
|
|
72,796,250 |
|
|
|
71,148,076 |
|
|
Singular Genomics Systems, Inc. |
Balance Sheets |
(In thousands, except share and par value
amounts) |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
16,233 |
|
|
$ |
74,266 |
|
Short-term investments |
|
157,708 |
|
|
|
170,310 |
|
Accounts receivable |
|
565 |
|
|
|
913 |
|
Inventory, net |
|
13,572 |
|
|
|
18,221 |
|
Prepaid expenses and other current assets |
|
4,150 |
|
|
|
4,722 |
|
Total current assets |
|
192,228 |
|
|
|
268,432 |
|
Right-of-use lease assets |
|
57,797 |
|
|
|
45,896 |
|
Property and equipment,
net |
|
13,692 |
|
|
|
10,784 |
|
Restricted cash |
|
600 |
|
|
|
1,711 |
|
Other noncurrent assets |
|
1,150 |
|
|
|
1,152 |
|
Total assets |
$ |
265,467 |
|
|
$ |
327,975 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,587 |
|
|
$ |
3,099 |
|
Accrued expenses |
|
6,079 |
|
|
|
4,583 |
|
Lease liabilities, current |
|
7,764 |
|
|
|
6,323 |
|
Other current liabilities |
|
1,857 |
|
|
|
113 |
|
Total current liabilities |
|
18,287 |
|
|
|
14,118 |
|
Lease liabilities,
noncurrent |
|
58,623 |
|
|
|
42,456 |
|
Long-term debt, net of
issuance costs |
|
8,901 |
|
|
|
10,065 |
|
Other noncurrent
liabilities |
|
650 |
|
|
|
1,015 |
|
Total liabilities |
|
86,461 |
|
|
|
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 December 31, 2023 and December 31, 2022 |
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value; 400,000,000 shares authorized,
73,823,161 and 71,854,688 shares issued and outstanding at December
31, 2023 and December 31, 2022, respectively |
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
516,439 |
|
|
|
503,926 |
|
Accumulated other comprehensive gain (loss) |
|
155 |
|
|
|
(837 |
) |
Accumulated deficit |
|
(337,595 |
) |
|
|
(242,775 |
) |
Total stockholders’ equity |
|
179,006 |
|
|
|
260,321 |
|
Total liabilities and stockholders’ equity |
$ |
265,467 |
|
|
$ |
327,975 |
|
Singular Genomics Systems (NASDAQ:OMIC)
Historical Stock Chart
From Apr 2024 to May 2024
Singular Genomics Systems (NASDAQ:OMIC)
Historical Stock Chart
From May 2023 to May 2024