Singular Genomics Reports Recent Highlights and Second Quarter 2024 Financial Results
Singular Genomics Systems (Nasdaq: OMIC) reported Q2 2024 financial results and recent highlights. The company recognized revenue of $0.7 million, shipped 2 G4 systems, and advanced development of the G4X Spatial Sequencer. Key financial metrics include:
- Gross profit: -$0.2 million
- Operating expenses: $22.6 million
- Net loss: $21.3 million (-$8.57 per share)
- Cash, equivalents, and short-term investments: $133.2 million
The company launched a Spatial Sequencing Technology Access Services program and opened a Spatial Research Grant award program. Singular Genomics also amended a long-term lease obligation, reducing obligations by approximately $50 million.
Singular Genomics Systems (Nasdaq: OMIC) ha riportato i risultati finanziari del secondo trimestre 2024 e i recenti sviluppi. L'azienda ha registrato entrate pari a 0,7 milioni di dollari, ha spedito 2 sistemi G4 e ha progredito nello sviluppo del Sequenziatore Spatial G4X. I principali indicatori finanziari includono:
- Utile lordo: -0,2 milioni di dollari
- Spese operative: 22,6 milioni di dollari
- Perdite nette: 21,3 milioni di dollari (-8,57 dollari per azione)
- Liquidità, equivalenti e investimenti a breve termine: 133,2 milioni di dollari
L'azienda ha lanciato un programma di accesso ai servizi di tecnologia di sequenziamento spaziale e ha aperto un programma di concessione di borse per la ricerca spaziale. Singular Genomics ha anche modificato un'obbligazione di leasing a lungo termine, riducendo gli obblighi di circa 50 milioni di dollari.
Singular Genomics Systems (Nasdaq: OMIC) informó sobre los resultados financieros del segundo trimestre de 2024 y los últimos acontecimientos. La compañía reconoció ingresos de 0,7 millones de dólares, envió 2 sistemas G4 y avanzó en el desarrollo del Secuenciador Espacial G4X. Los principales indicadores financieros incluyen:
- Ganancia bruta: -0,2 millones de dólares
- Gastos operativos: 22,6 millones de dólares
- Pérdida neta: 21,3 millones de dólares (-8,57 dólares por acción)
- Efectivo, equivalentes e inversiones a corto plazo: 133,2 millones de dólares
La compañía lanzó un programa de acceso a servicios de tecnología de secuenciación espacial y abrió un programa de otorgamiento de subvenciones para investigación espacial. Singular Genomics también modificó una obligación de arrendamiento a largo plazo, reduciendo las obligaciones en aproximadamente 50 millones de dólares.
싱귤러 제노믹스 시스템즈 (Nasdaq: OMIC)는 2024년 2분기 재무 결과 및 최근 사항을 보고했습니다. 회사는 70만 달러의 수익을 인식하고, 2개의 G4 시스템을 배송하며 G4X 공간 시퀀서의 개발을 진전시켰습니다. 주요 재무 지표는 다음과 같습니다:
- 총 이익: -20만 달러
- 운영 비용: 2260만 달러
- 순손실: 2130만 달러 (-주당 8.57달러)
- 현금, 현금성 자산 및 단기 투자: 1억 3320만 달러
회사는 공간 시퀀싱 기술 접근 서비스 프로그램을 시작하고 공간 연구 보조금 수여 프로그램을 개설했습니다. 싱귤러 제노믹스는 또한 장기 임대 의무를 수정하여 약 5000만 달러의 의무를 줄였습니다.
Singular Genomics Systems (Nasdaq: OMIC) a rapporté les résultats financiers du deuxième trimestre 2024 et les faits marquants récents. L'entreprise a reconnu des revenus de 0,7 million de dollars, a expédié 2 systèmes G4 et a avancé dans le développement du séquenceur spatial G4X. Les principaux indicateurs financiers comprennent :
- Bénéfice brut : -0,2 million de dollars
- Dépenses d'exploitation : 22,6 millions de dollars
- Perte nette : 21,3 millions de dollars (-8,57 dollars par action)
- Liquidités, équivalents et investissements à court terme : 133,2 millions de dollars
L'entreprise a lancé un programme d'accès aux services de technologie de séquençage spatial et a ouvert un programme de bourses de recherche spatiale. Singular Genomics a également modifié une obligation de bail à long terme, réduisant les obligations d'environ 50 millions de dollars.
Singular Genomics Systems (Nasdaq: OMIC) berichtete über die finanziellen Ergebnisse des zweiten Quartals 2024 und die neuesten Entwicklungen. Das Unternehmen erzielte Einnahmen von 0,7 Millionen Dollar, lieferte 2 G4-Systeme aus und führte die Entwicklung des G4X Spatial Sequenzierers voran. Wichtige Finanzkennzahlen sind:
- Bruttogewinn: -0,2 Millionen Dollar
- Betriebskosten: 22,6 Millionen Dollar
- Nettoverlust: 21,3 Millionen Dollar (-8,57 Dollar pro Aktie)
- Zahlungsmittel, Zahlungsmitteläquivalente und kurzfristige Investitionen: 133,2 Millionen Dollar
Das Unternehmen startete ein Programm für den Zugang zu Dienstleistungen der räumlichen Sequenzierungstechnologie und eröffnete ein Programm für Forschungsstipendien im Bereich der räumlichen Forschung. Singular Genomics änderte außerdem eine langfristige Mietverpflichtung und reduzierte die Verpflichtungen um etwa 50 Millionen Dollar.
- Advanced development of G4X Spatial Sequencer, preparing for early access in late 2024
- Launched Spatial Sequencing Technology Access Services program
- Received over 50 applications for Spatial Research Grant award program
- Reduced long-term lease obligations by approximately $50 million
- Increased margins on consumable sales
- Revenue of only $0.7 million in Q2 2024
- Negative gross profit of $0.2 million
- Net loss of $21.3 million
- Loss per share increased to $8.57 from $10.58 in Q2 2023
- Discounts on G4 instrument sales impacting gross margin
Insights
Singular Genomics' Q2 2024 results paint a mixed picture. Revenue of
The net loss of
The development of the G4X Spatial Sequencer represents a significant advancement in genomic technology. The commencement of Spatial Sequencing Technology Access Services with a focus on immuno-oncology is particularly noteworthy, as it addresses a critical need in cancer research. The high interest in the Spatial Research Grant program, with over 50 applications from renowned institutions, indicates strong market demand for spatial sequencing capabilities.
However, with only 2 G4 systems shipped in Q2, adoption seems slow. The planned early access to G4X in late 2024 could potentially accelerate market penetration. The company's strategy of offering technology access services before full product launch is shrewd, allowing for real-world validation and refinement of their platform while generating early revenue and market interest.
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
Gross profit was negative
Operating expenses for the second quarter of 2024 totaled
Net loss for the second quarter of 2024 was
Cash, cash equivalents and short-term investments, excluding restricted cash, as of June 30, 2024 totaled
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
ir@singulargenomics.com
Media Contact
Matt Browning
pr@singulargenomics.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, | ||||||||||||||
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, | - | - | ||||||
Common stock, | - | 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 |
FAQ
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