8-K
falseAugust 9, 2022000185090600018509062022-08-092022-08-09

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2022

 

 

Singular Genomics Systems, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

001-40443

81-2948451

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

3010 Science Park Road
San Diego, California 92121

 

(858) 333-7830
(Registrant’s address of principal executive offices

and telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class

 

Trading
Symbol(s)

 


Name of Each Exchange on Which Registered

Common Stock, par value $0.0001 per share

 

OMIC

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

On August 9, 2022, Singular Genomics Systems, Inc. (the “Company”) issued a press release regarding the Company’s financial results for the quarter ended June 30, 2022. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02 and the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number

 

Description

99.1

 

Press Release dated August 9, 2022.

104

 

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.




 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Singular Genomics Systems, Inc.

 

 

 

 

Dated:

August 9, 2022

By:

/s/ Dalen Meeter

 

 

 

Dalen Meeter
Senior Vice President, Finance
Principal Financial Officer and Principal Accounting Officer

 

 


EX-99.1

https://cdn.kscope.io/ff67bcb0aaf91cfa43620bdaa4c83f7c-img160378605_0.jpg 

 

Singular Genomics Reports Recent Highlights and Second Quarter 2022 Financial Results

 

San Diego, CA, August 9, 2022 – 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 quarter ended June 30, 2022.

 

“Shipment of the first G4 production system represents another major milestone for Singular Genomics. The G4 offers an unmatched combination of power, speed, accuracy and flexibility. We are excited this unique value proposition is resonating with customers,” said Drew Spaventa, Chairman and Chief Executive Officer. “Over the second half of the year, the team will remain highly focused on executing our commercial strategy under new leadership, ramping manufacturing and establishing the right foundation to scale the business.”

 

Recent Highlights

Commenced shipping the G4 in June 2022.
Introduced the M-series, Max Read flow cell kits, which is expected to offer up to 1 billion reads per flow cell as a cost-effective and innovative solution to generate high throughput level reads for short-read applications.
Announced a planned partnership with TwinStrand to develop ultra-high accuracy NGS solutions for the G4 platform.
Announced a partnership with Olink to enable the use of the Olink Explore high-throughput proteomics platform with the Max Read kits on the G4.
Signed additional library prep partnerships with Integrated DNA Technologies, Takara Bio and Parse Biosciences to validate their library prep kits to support seamless workflow integration with the G4.
Published three application notes on Single Cell RNA-Seq, Whole Exome Sequencing and HD-Seq and released third-party collaboration posters showcasing strong G4 performance metrics in the field.
Hired industry veteran, Sam Ropp, Ph.D., as Chief Commercial Officer to scale sales, marketing and support operations.

 

Second Quarter 2022 Financial Results

Operating expenses for the second quarter of 2022 totaled $24.2 million, compared to $13.9 million for the second quarter of 2021. Operating expenses included non-cash stock-based compensation expense of $3.6 million in the second quarter of 2022 and $2.3 million in the second quarter of 2021. The year-over-year increase in total operating expenses was driven primarily by our product pipeline and R&D roadmap, and scaling headcount and infrastructure to support our growth and prepare for commercialization of the G4.

 

Net loss for the second quarter of 2022 was $24.0 million, or $0.34 per common share, compared to $37.5 million, or $1.18 per common share, for the second quarter of 2021.

 

Cash, cash equivalents and short-term investments, excluding restricted cash, as of June 30, 2022 totaled $287.5 million.

 

Webcast and Conference Call Details

Singular Genomics’ management team will host a conference call today, August 9, 2022, 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 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 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.

 

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 and commercialize the G4 in accordance with our timelines and objectives; (ii) our ability to successfully complete the development of and commercialize the PX in accordance with our timelines and objectives; (iii) our ability to achieve customer and scientific acceptance of the G4 and PX; and (iv) the ability of our product offerings to successfully compete with existing and new products offered by our competitors. 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 are highly dependent on revenue generated from the sale of the G4, and any delay or failure by us to successfully manufacture and commercialize the G4 could have a substantial adverse effect on our business and results of operations; and (vii) the COVID-19 pandemic and efforts to reduce its spread 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 June 30, 2022, filed with the SEC on August 9, 2022. 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

949-370-8500

ir@singulargenomics.com

 

Media Contact

Dan Budwick, 1AB

973-271-6085

dan@1abmedia.com

 

 

 

 

 


 

Singular Genomics Systems, Inc.

Condensed Statements of Operations

(Unaudited)

(In thousands, except share and per share amounts)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

12,061

 

 

$

7,682

 

 

$

22,707

 

 

$

14,289

 

Selling, general and administrative

 

12,182

 

 

 

6,201

 

 

 

23,556

 

 

 

9,855

 

Total operating expenses

 

24,243

 

 

 

13,883

 

 

 

46,263

 

 

 

24,144

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(24,243

)

 

 

(13,883

)

 

 

(46,263

)

 

 

(24,144

)

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

428

 

 

 

413

 

 

 

584

 

 

 

543

 

Interest expense

 

(167

)

 

 

(232

)

 

 

(309

)

 

 

(420

)

Change in fair value of convertible promissory notes

 

-

 

 

 

(23,799

)

 

 

-

 

 

 

(35,199

)

Change in fair value of warrant liability

 

-

 

 

 

22

 

 

 

-

 

 

 

(2,180

)

Net loss

$

(23,982

)

 

$

(37,479

)

 

$

(45,988

)

 

$

(61,400

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

$

(0.34

)

 

$

(1.18

)

 

$

(0.65

)

 

$

(2.83

)

Weighted-average shares used to compute basic and diluted net loss per share

 

70,779,326

 

 

 

31,628,921

 



 

70,893,059

 

 

 

21,696,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Singular Genomics Systems, Inc.

Condensed Balance Sheets

(In thousands, except share and par value amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

153,115

 

 

$

201,049

 

Short-term investments

 

 

134,376

 

 

 

138,174

 

Inventory

 

 

12,216

 

 

 

3,011

 

Prepaid expenses and other current assets

 

 

6,243

 

 

 

5,526

 

Total current assets

 

 

305,950

 

 

 

347,760

 

Right-of-use lease assets

 

 

48,245

 

 

 

-

 

Property and equipment, net

 

 

9,303

 

 

 

6,072

 

Restricted cash

 

 

1,734

 

 

 

687

 

Other noncurrent assets

 

 

1,177

 

 

 

1,129

 

Total assets

 

$

366,409

 

 

$

355,648

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,017

 

 

$

2,348

 

Accrued expenses

 

 

4,056

 

 

 

4,278

 

Lease liabilities, current

 

 

5,239

 

 

 

-

 

Other current liabilities

 

 

-

 

 

 

118

 

Total current liabilities

 

 

13,312

 

 

 

6,744

 

Lease liabilities, noncurrent

 

 

44,398

 

 

 

-

 

Long-term debt, net of issuance costs

 

 

9,983

 

 

 

9,904

 

Other noncurrent liabilities

 

 

1,155

 

 

 

2,827

 

Total liabilities

 

 

68,848

 

 

 

19,475

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Series A Common Stock Equivalent Convertible Preferred Stock, $0.0001 par value; 7,000 shares authorized, 2,500 and 0 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value; 400,000,000 shares authorized, 71,065,869 and 72,438,742 shares outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

496,451

 

 

 

488,200

 

Accumulated other comprehensive loss

 

 

(1,013

)

 

 

(138

)

Accumulated deficit

 

 

(197,884

)

 

 

(151,896

)

Total stockholders’ equity

 

 

297,561

 

 

 

336,173

 

Total liabilities and stockholders’ equity

 

$

366,409

 

 

$

355,648