Press Release

Press Release

Singular Genomics Reports Recent Highlights and First Quarter 2023 Financial Results

May 09, 2023

SAN DIEGO, May 09, 2023 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2023.

“We had a productive first quarter, highlighted by shipping three additional G4 systems to a diverse set of customers,” said Drew Spaventa, Chairman and Chief Executive Officer of Singular Genomics. “The value proposition of the G4 is resonating among our current and potential customers, and we continue to grow our order book and sales funnel. We remain focused on customer success across a growing installed base, commercial and operational execution, and advancing our innovation pipeline.”

First Quarter and Recent Highlights

  • Generated revenue of $863 thousand for the first quarter of 2023.
  • Shipped three G4 systems to new customers in the first quarter of 2023, increasing the installed base of commercial systems shipped to eight as of the end of the first quarter of 2023.
  • On track to release F3 flow cells to our broader customer base in the second quarter of 2023, doubling the number of reads and throughput of the G4 for the most widely run applications.
  • On track to initiate shipments of the Max Read kits under an early access program in the second quarter of 2023, increasing the potential output of the G4 to 800 million reads per flow cell, or 3.2 billion reads per run for specific single cell and spatial sequencing applications.

First Quarter 2023 Financial Results

Revenue for the first quarter of 2023 was $863 thousand, representing sequential growth compared to the fourth quarter of 2022. Revenue during the quarter was recognized primarily from three instrument placements.

Operating expenses for the first quarter of 2023 totaled $25.4 million, compared to $22.0 million for the first quarter of 2022. Operating expenses included non-cash stock-based compensation of $3.1 million for the first quarter of 2023 and $3.6 million for the first quarter of 2022. The year-over-year increase in operating expenses was driven primarily by scaling headcount and infrastructure to support our commercial growth and advancing our product pipeline.

Net loss for the first quarter of 2023 was $23.6 million, or a loss of $0.33 per common share, compared to $22.0 million, or a loss of $0.31 per common share, in the first quarter of 2022.

Cash, cash equivalents and short-term investments, excluding restricted cash, as of March 31, 2023 totaled $226.1 million.

Webcast and Conference Call Details

Singular Genomics’ management team will host a conference call today, May 9, 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 accessing a live and archived webcast of the event at, 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 development, the PX system leverages Singular’s proprietary sequencing technology, applying it as an in situ readout to look at RNA and proteins in single cells and tissue. With these products, Singular Genomics’ mission is to empower researchers and clinicians to advance science and medicine. Visit 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 and are not limited to statements regarding: (i) our ability to successfully manufacture, commercialize and support the G4 in accordance with our timelines, objectives and specifications; (ii) our ability to close sales in our sales funnel; (iii) our ability to release F3 flow cells to our broader customer base on our timeline; (iv) our ability to ship Max Read kits under an early access program on our timeline; (v) our ability to achieve customer and scientific acceptance of the G4; and (vi) 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 and 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 planned PX, and any delay or failure by us to successfully manufacture and commercialize the G4 and planned PX could have a substantial adverse effect on our business and results of operations; and (vii) the COVID-19 pandemic, efforts to reduce its spread and recent macroeconomic challenges have adversely impacted, and may materially and adversely impact, our business, operations and 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 March 31, 2023, filed with the SEC on May 9, 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 Clawson

Media Contact

Dan Budwick, 1AB

Singular Genomics Systems, Inc.
Statements of Operations
(In thousands, except share and per share amounts)
 Three Months Ended March 31, 
 2023  2022 
Revenue$863  $- 
Cost of revenue 807   - 
Gross margin 56   - 
Operating expenses:     
Research and development 12,230   10,645 
Selling, general and administrative 13,204   11,375 
Total operating expenses 25,434   22,020 
Loss from operations (25,378)  (22,020)
Other income (expense):     
Interest expense (259)  (142)
Interest and other income 2,004   156 
Total other income 1,745   14 
Net loss$(23,633) $(22,006)
Net loss per share:     
Basic and diluted net loss per share$(0.33) $(0.31)
Weighted-average shares used to compute basic and diluted net loss per share 71,926,412   71,011,041 

Singular Genomics Systems, Inc.
Balance Sheets
(In thousands, except share and par value amounts)
  March 31,  December 31, 
  2023  2022 
Current assets:      
Cash and cash equivalents $129,283  $74,266 
Short-term investments  96,790   170,310 
Accounts receivable  14   913 
Inventory  17,160   18,221 
Prepaid expenses and other current assets  3,224   4,722 
Total current assets  246,471   268,432 
Right-of-use lease assets  44,873   45,896 
Property and equipment, net  11,259   10,784 
Restricted cash  1,711   1,711 
Other noncurrent assets  1,152   1,152 
Total assets $305,466  $327,975 
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $1,977  $3,099 
Accrued expenses  3,353   4,583 
Lease liabilities, current  6,952   6,323 
Other current liabilities  208   113 
Total current liabilities  12,490   14,118 
Lease liabilities, noncurrent  41,550   42,456 
Long-term debt, net of issuance costs  10,103   10,065 
Other noncurrent liabilities  998   1,015 
Total liabilities  65,141   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 March 31, 2023 and December 31, 2022  -   - 
Common stock, $0.0001 par value; 400,000,000 shares authorized, 71,995,966 and 71,854,688 shares outstanding at March 31, 2023 and December 31, 2022, respectively  7   7 
Additional paid-in capital  507,117   503,926 
Accumulated other comprehensive loss  (391)  (837)
Accumulated deficit  (266,408)  (242,775)
Total stockholders’ equity  240,325   260,321 
Total liabilities and stockholders’ equity $305,466  $327,975