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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): March 2, 2023

 

 

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. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

On March 2, 2023, Singular Genomics Systems, Inc. (the “Company”) issued a press release regarding the Company’s financial results for the quarter and year ended December 31, 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 March 2, 2023.
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

 

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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:	March 2, 2023	By:	/s/ Dalen Meeter
			Dalen Meeter Chief Financial Officer Principal Financial Officer and Principal Accounting Officer

 

 

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EX-99.1

 

 

 

Singular Genomics Reports Recent Highlights and Fourth Quarter and Full Year 2022 Financial Results

 

San Diego, CA, March 2, 2023 – 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 fourth quarter and full year ended December 31, 2022.

 

“2022 was a pivotal year for Singular Genomics. It was a year in which we achieved important milestones, overcame challenges, and ultimately ended on a strong note with five G4 systems in market. Most importantly, the business is set up for success with the right team, the right product, and the right opportunity. I am tremendously proud of the entire Singular team," said Drew Spaventa, Chairman and Chief Executive Officer of Singular Genomics. “In 2023, we will remain focused on customer success across a growing installed base, commercial and operational execution, and advancing our innovation pipeline.”

 

Fourth Quarter and Recent Highlights

 

Fourth Quarter 2022 Financial Results

Revenue for the fourth quarter of 2022 was $765 thousand, marking the first revenue generating quarter. Revenue was comprised predominantly of the revenue recognized on three instrument placements during the quarter. Operating expenses for the fourth quarter of 2022 totaled $22.5 million, compared to $19.7 million for the fourth quarter of 2021. Operating expenses included non-cash stock-based compensation of $3.1 million for the fourth quarter of 2022 and $2.9 million for the fourth quarter of 2021. The year-over-year increase in operating expenses was driven primarily by scaling headcount and infrastructure to support our growth, including the G4 launch, product pipeline and R&D roadmap.

 

Net loss for the fourth quarter of 2022 was $21.1 million, or a loss of $0.29 per common share, compared to $19.8 million, or a loss of $0.27 per common share, in the fourth quarter of 2021

 

 

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EX-99.1

 

 

Full Year 2022 Financial Results

Revenue for the full year of 2022 was $765 thousand. Revenue was comprised predominantly of the revenue recognized on three instrument placements during the fourth quarter. Operating expenses for 2022 totaled $93.5 million compared to $61.3 million in the prior year period. Operating expenses included non-cash stock-based compensation expense of $13.7 million in 2022 and $9.2 million in 2021. The year-over-year increase in total operating expenses was driven primarily by scaling headcount and infrastructure to support our growth, including the G4 launch, product pipeline and R&D roadmap, and the costs associated with being a public company.

 

Net loss for 2022 was $90.9 million, or a loss of $1.28 per common share, compared to $98.8 million, or a loss of $2.10 per common share, in 2021.

 

Cash, cash equivalents and short-term investments, excluding restricted cash, as of December 31, 2022 totaled $244.6 million.

 

Webcast and Conference Call Details

Singular Genomics’ management team will host a conference call today, March 2, 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 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. Visit www.singulargenomics.com for more information.

 

 

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EX-99.1

 

 

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, objectives and specifications; (ii) our ability to successfully ship G4 systems on our timeline; (iii) our ability to achieve customer and scientific acceptance of the G4; (iv) the ability of our product offerings to successfully compete with existing and new products offered by our competitors; and (v) 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 Annual Report on Form 10-K for the period ended December 31, 2022, filed with the SEC on March 2, 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

949-370-8500

ir@singulargenomics.com

 

Media Contact

Dan Budwick, 1AB

973-271-6085

dan@1abmedia.com

 

 

 

 

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EX-99.1

 

 

Singular Genomics Systems, Inc.

Statements of Operations

(In thousands, except share and per share amounts)

 

	Three Months Ended December 31,								Year Ended December 31,
	2022				2021				2022				2021
	(Unaudited)
Revenue	$	765			$	-			$	765			$	-
Cost of revenue		789				-				789				-
Gross margin		(24	)			-				(24	)			-
Operating expenses:
Research and development		10,760				9,455				46,199				32,655
Selling, general and administrative		11,746				10,218				47,264				28,624
Total operating expenses		22,506				19,673				93,463				61,279
Loss from operations		(22,530	)			(19,673	)			(93,487	)			(61,279	)
Other income (expense):
Interest expense		(243	)			(192	)			(763	)			(846	)
Change in fair value of convertible promissory notes		-				-				-				(35,199	)
Change in fair value of warrant liability		-				-				-				(2,180	)
Interest and other income		1,672				106				3,371				733
Total other income (expense)		1,429				(86	)			2,608				(37,492	)
Net loss	$	(21,101	)		$	(19,759	)		$	(90,879	)		$	(98,771	)
Net loss per share:
Basic and diluted net loss per share	$	(0.29	)		$	(0.27	)		$	(1.28	)		$	(2.10	)
Weighted-average shares used to compute basic and diluted net loss per share		71,584,976				72,162,679				71,148,076				47,023,048

 

 

 

 

 

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EX-99.1

 

 

Singular Genomics Systems, Inc.

Balance Sheets

(In thousands, except share and par value amounts)

 

		December 31,
		2022				2021
Assets
Current assets:
Cash and cash equivalents		$	74,266			$	201,049
Short-term investments			170,310				138,174
Accounts receivable			913				-
Inventory			18,221				3,011
Prepaid expenses and other current assets			4,722				5,526
Total current assets			268,432				347,760
Right-of-use lease assets			45,896				-
Property and equipment, net			10,784				6,072
Restricted cash			1,711				687
Other noncurrent assets			1,152				1,129
Total assets		$	327,975			$	355,648
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	3,099			$	2,348
Accrued expenses			4,583				4,278
Lease liabilities, current			6,323				-
Other current liabilities			113				118
Total current liabilities			14,118				6,744
Lease liabilities, noncurrent			42,456				-
Long-term debt, net of issuance costs			10,065				9,904
Other noncurrent liabilities			1,015				2,827
Total liabilities			67,654				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 no shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively			-				-
Common stock, $0.0001 par value; 400,000,000 shares authorized, 71,854,688 and 72,438,742 shares outstanding at December 31, 2022 and December 31, 2021, respectively			7				7
Additional paid-in capital			503,926				488,200
Accumulated other comprehensive loss			(837	)			(138	)
Accumulated deficit			(242,775	)			(151,896	)
Total stockholders’ equity			260,321				336,173
Total liabilities and stockholders’ equity		$	327,975			$	355,648

 

 

 

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