Singular Genomics Reports Recent Highlights and Second Quarter 2024 Financial Results
SAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2024.
"It was another busy and productive quarter for our team as we progressed development of the G4X Spatial Sequencer while supporting our G4 customers," said Drew Spaventa, Chairman and Chief Executive Officer of Singular Genomics. "The early interest in our Spatial Technology Access Services is an encouraging sign that the unique capabilities and higher sample throughput of the G4X will serve an unmet need in the market."
G4X Spatial Sequencer Updates
- Advanced G4X platform development, and are preparing for early access in late 2024
- Commenced Spatial Sequencing Technology Access Services program with an initial focus on the V1 immuno-oncology panel
- Opened a Spatial Research Grant award program and received over 50 applications from globally renowned institutions interested in spatial sequencing for various applications
Recent Financial and Operational Highlights
- Recognized revenue of $0.7 million in the second quarter of 2024
- Shipped 2 G4 systems in the second quarter of 2024
- Amended a long-term lease obligation, right sizing the company's facilities footprint and reducing long-term lease obligations by approximately $50 million
Second Quarter 2024 Financial Results
Revenue for the second quarter of 2024 was $0.7 million, predominantly made up of $0.4 million from revenue recognized on consumables sales and $0.3 million from revenue recognized on one capital purchase instrument placement during the quarter. Revenue from the other instrument shipment occurring during the second quarter is expected to be generated over time as the customer purchases consumables.
Gross profit was negative $0.2 million in the second quarter of 2024, compared to negative $0.1 million in the second quarter of 2023. Gross margin was negative due to discounts on G4 instrument sales, the company's use of the reagent rental and other non-capital purchase models, and higher costs associated with the support of system placements, partially offset by higher margins on increased consumable sales.
Operating expenses for the second quarter of 2024 totaled $22.6 million, compared to $27.5 million for the second quarter of 2023. Operating expenses included non-cash stock-based compensation of $2.2 million for the second quarter of 2024, and $2.8 million for the second quarter of 2023.
Net loss for the second quarter of 2024 was $21.3 million, or a loss of $8.57 per common share, compared to $25.6 million, or a loss of $10.58 per common share, in the second quarter of 2023.
Cash, cash equivalents and short-term investments, excluding restricted cash, as of June 30, 2024 totaled $133.2 million.
Webcast and Conference Call Details
Singular Genomics' management team will host a conference call today, August 13, 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 1-888-506-0062 for domestic callers or 1-973-528-0011 for international callers and using conference ID 661035 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. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "foresees," "forecasts," "guidance," "intends" "goals," "may," "might," "outlook," "plans," "potential," "predicts," "projects," "seeks," "should," "targets," "will," "would" or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Singular Genomics' results is included in its filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Singular Genomics may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Singular Genomics in this press release speaks only as of the day on which Singular Genomics makes it. Singular Genomics assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Investor Contact
Philip Trip Taylor
Gilmartin Group
[email protected]
Media Contact
Matt Browning
[email protected]
| 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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 737 | $ | 505 | $ | 1,180 | $ | 1,368 | |||||||
| Cost of revenue | 915 | 597 | 1,776 | 1,404 | |||||||||||
| Gross margin | (178 | ) | (92 | ) | (596 | ) | (36 | ) | |||||||
| Operating expenses: | |||||||||||||||
| Research and development | 10,728 | 12,624 | 22,222 | 24,854 | |||||||||||
| Selling, general and administrative | 11,898 | 14,887 | 26,834 | 28,091 | |||||||||||
| Total operating expenses | 22,626 | 27,511 | 49,056 | 52,945 | |||||||||||
| Loss from operations | (22,804 | ) | (27,603 | ) | (49,652 | ) | (52,981 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,836 | 2,295 | 3,944 | 4,299 | |||||||||||
| Interest expense | (286 | ) | (270 | ) | (570 | ) | (529 | ) | |||||||
| Total other income | 1,550 | 2,025 | 3,374 | 3,770 | |||||||||||
| Net loss | $ | (21,254 | ) | $ | (25,578 | ) | $ | (46,278 | ) | $ | (49,211 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic and diluted net loss per share | $ | (8.57 | ) | $ | (10.58 | ) | $ | (18.72 | ) | $ | (20.44 | ) | |||
| Weighted-average shares used to compute basic and diluted net loss per share | 2,480,665 | 2,417,001 | 2,472,353 | 2,407,276 | |||||||||||
| Singular Genomics Systems, Inc. Balance Sheets (In thousands, except share and par value amounts) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 30,115 | $ | 16,233 | ||||
| Short-term investments | 103,089 | 157,708 | ||||||
| Accounts receivable | 440 | 565 | ||||||
| Inventory, net | 12,442 | 13,572 | ||||||
| Prepaid expenses and other current assets | 2,609 | 4,150 | ||||||
| Total current assets | 148,695 | 192,228 | ||||||
| Right-of-use lease assets | 56,381 | 57,797 | ||||||
| Property and equipment, net | 13,249 | 13,692 | ||||||
| Restricted cash | 600 | 600 | ||||||
| Other noncurrent assets | 1,078 | 1,150 | ||||||
| Total assets | $ | 220,003 | $ | 265,467 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,498 | $ | 2,587 | ||||
| Accrued expenses | 4,049 | 6,079 | ||||||
| Lease liabilities, current | 7,065 | 7,764 | ||||||
| Other current liabilities | 4,335 | 1,857 | ||||||
| Total current liabilities | 16,947 | 18,287 | ||||||
| Lease liabilities, noncurrent | 58,370 | 58,623 | ||||||
| Long-term debt, net of issuance costs | 6,355 | 8,901 | ||||||
| Other noncurrent liabilities | 624 | 650 | ||||||
| Total liabilities | 82,296 | 86,461 | ||||||
| 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, 2024 and December 31, 2023 | - | - | ||||||
| Common stock, $0.0001 par value; 400,000,000 shares authorized, 2,491,619 and 2,460,772 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | - | 7 | ||||||
| Additional paid-in capital | 521,654 | 516,439 | ||||||
| Accumulated other comprehensive (loss) gain | (74 | ) | 155 | |||||
| Accumulated deficit | (383,873 | ) | (337,595 | ) | ||||
| Total stockholders' equity | 137,707 | 179,006 | ||||||
| Total liabilities and stockholders' equity | $ | 220,003 | $ | 265,467 | ||||
