AquaBounty Technologies, Inc. Results for the quarter ended September 30, 2017
03 November 2017 - 7:30AM
AquaBounty Technologies, Inc. (NASDAQ:AQB) (“AquaBounty” or the
“Company”), a biotechnology company focused on enhancing
productivity in the aquaculture market and a majority-owned
subsidiary of Intrexon Corporation (NYSE:XON), announces the
Company’s financial results for the quarter ended
September 30, 2017.
Financial and Operational
Summary:
- Commenced work on upgrades to the Indiana farm site to increase
its capacity to 1200 metric tons;
- completed renovations in Rollo Bay on the hatchery building and
progressed construction activities on the 250-metric-ton production
and broodstock buildings;
- net loss for the nine-month period ended September 30,
2017, increased to $6.6 million from $5.8 million in the
corresponding period of the previous year, reflecting investment in
the Indiana farm site and Rollo Bay hatchery; and
- cash and cash equivalents were $4.7 million
(December 31, 2016: $3.3 million).
Ronald Stotish, Chief Executive Officer of
AquaBounty, stated: “In this quarter, our primary focus has been on
getting our Indiana farm site ready for FDA inspection. This is in
advance of stocking the facility with AquAdvantage® Salmon eggs,
which we hope will occur next spring. We also anticipate the
construction of the production and broodstock buildings at our
Rollo Bay farm site to be completed early next year.”
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements other than
statements of historical fact contained in this press release are
forward-looking statements, including statements regarding the
potential for, progress toward, and possible timing for upgrading
the Company’s farm site in Indiana and constructing production and
broodstock buildings in Rollo Bay; expected production capacities
of the Company’s facilities; progress in readying the Indiana farm
site for FDA inspection and the possibility of the regulatory
approval of that site by the FDA; and the potential for and timing
of stocking that facility with AquAdvantage® Salmon eggs.
Forward-looking statements may be identified with words such as
“will,” “may,” “expect,” “plan,” “anticipate,” “upcoming,”
“believe,” “estimate,” or similar terminology, and the negative of
these terms. Forward-looking statements are not promises or
guarantees of future performance and are subject to a variety of
risks and uncertainties, many of which are beyond our control,
which could cause actual results to differ materially from those
contemplated in these forward-looking statements. Forward-looking
statements speak only as of the date hereof, and, except as
required by law, we undertake no obligation to update or revise
these forward-looking statements. For additional information
regarding these and other risks faced by us, please refer to our
public filings with the Securities and Exchange Commission (“SEC”),
available on the Investors section of our website at
www.aquabounty.com and on the SEC’s website at www.sec.gov.
AquaBounty Technologies, Inc. |
Consolidated Balance Sheets |
(Unaudited) |
|
|
|
|
As of |
|
|
|
September 30, |
December 31, |
|
|
|
|
2017 |
|
|
2016 |
|
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
4,717,821 |
|
$ |
3,324,609 |
|
|
Certificate
of deposit |
|
13,489 |
|
|
10,666 |
|
|
Other
receivables |
|
219,334 |
|
|
164,743 |
|
|
Inventory |
|
78,499 |
|
|
- |
|
|
Prepaid expenses and other assets |
|
245,242 |
|
|
72,983 |
|
|
Total
current assets |
|
5,274,385 |
|
|
3,573,001 |
|
|
|
|
|
|
Property,
plant and equipment, net |
|
19,478,853 |
|
|
1,723,707 |
|
Definite
lived intangible assets, net |
|
188,421 |
|
|
198,698 |
|
Indefinite
lived intangible assets |
|
191,800 |
|
|
191,800 |
|
Other assets |
|
|
162,093 |
|
|
21,628 |
|
Total assets |
$ |
25,295,552 |
|
$ |
5,708,834 |
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
Current
liabilities: |
|
|
|
Accounts
payable and accrued liabilities |
$ |
1,602,396 |
|
$ |
1,017,851 |
|
|
Current debt |
|
55,223 |
|
|
17,913 |
|
|
Total
current liabilities |
|
1,657,619 |
|
|
1,035,764 |
|
|
|
|
|
|
Long-term debt |
|
3,059,990 |
|
|
2,645,015 |
|
|
Total
liabilities |
|
4,717,609 |
|
|
3,680,779 |
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
Common
stock, $0.001 par value, 200,000,000 shares authorized; |
|
|
|
8,895,094 (2016:
6,463,936) shares outstanding |
|
8,895 |
|
|
6,464 |
|
|
Additional
paid-in capital |
|
126,681,495 |
|
|
101,581,724 |
|
|
Accumulated
other comprehensive loss |
|
(243,188 |
) |
|
(286,272 |
) |
|
Accumulated deficit |
|
(105,869,259 |
) |
|
(99,273,861 |
) |
Total stockholders' equity |
|
20,577,943 |
|
|
2,028,055 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
25,295,552 |
|
$ |
5,708,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AquaBounty Technologies, Inc. |
|
Consolidated Statements of Operations and
Comprehensive Loss |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2017 |
2016 |
|
2017 |
2016 |
Revenues |
|
|
|
|
|
|
|
Product
revenues |
$ |
- |
|
$ |
- |
|
|
$ |
53,278 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
Costs and expenses |
|
|
|
|
|
|
Product
costs |
|
- |
|
|
- |
|
|
|
50,777 |
|
|
- |
|
|
Sales and
marketing |
|
195,947 |
|
|
209,556 |
|
|
|
607,145 |
|
|
650,075 |
|
|
Research
and development |
|
860,903 |
|
|
974,980 |
|
|
|
2,517,242 |
|
|
2,705,978 |
|
|
General and
administrative |
|
1,382,380 |
|
|
824,381 |
|
|
|
3,453,516 |
|
|
2,428,044 |
|
|
Total costs and expenses |
|
2,439,230 |
|
|
2,008,917 |
|
|
|
6,628,680 |
|
|
5,784,097 |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(2,439,230 |
) |
|
(2,008,917 |
) |
|
|
(6,575,402 |
) |
|
(5,784,097 |
) |
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
Interest
expense |
|
(5,597 |
) |
|
(131,301 |
) |
|
|
(16,130 |
) |
|
(238,940 |
) |
|
Gain on
disposal of equipment |
|
- |
|
|
- |
|
|
|
- |
|
|
2,861 |
|
|
Other income (expense), net |
|
(1,392 |
) |
|
(1,608 |
) |
|
|
(3,866 |
) |
|
(4,463 |
) |
|
Total other income (expense) |
|
(6,989 |
) |
|
(132,909 |
) |
|
|
(19,996 |
) |
|
(240,542 |
) |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,446,219 |
) |
$ |
(2,141,826 |
) |
|
$ |
(6,595,398 |
) |
$ |
(6,024,639 |
) |
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
Foreign
currency translation gain (loss) |
|
34,933 |
|
|
13,659 |
|
|
|
43,084 |
|
|
(86,516 |
) |
|
Total other comprehensive income (loss) |
|
34,933 |
|
|
13,659 |
|
|
|
43,084 |
|
|
(86,516 |
) |
|
|
|
|
|
|
|
|
Comprehensive loss |
$ |
(2,411,286 |
) |
$ |
(2,128,167 |
) |
|
$ |
(6,552,314 |
) |
$ |
(6,111,155 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net loss per share |
$ |
(0.28 |
) |
$ |
(0.41 |
) |
|
$ |
(0.76 |
) |
$ |
(1.15 |
) |
Weighted
average number of common shares - |
|
|
|
|
|
|
basic and
diluted |
|
8,895,094 |
|
|
5,250,510 |
|
|
|
8,731,178 |
|
|
5,249,776 |
|
|
|
|
|
|
|
|
|
For further information, please contact:
Dave Conley, Director of CommunicationsAquaBounty Technologies,
Inc.+1 613 294 3078
Aqua Bounty (LSE:ABTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aqua Bounty (LSE:ABTX)
Historical Stock Chart
From Apr 2023 to Apr 2024