As of March 13th, successfully
contracted over 11,500 high-oleic / no trans-fat soybean acres with
over 60 growers.
Partnership with Farmer’s Business Network,
Inc. (FBN) to expand distribution and grower base of
identity-preserved high oleic soybeans in the upper Midwest;
Launched FBN seed distribution and 2018 High Oleic Premium Grower
Program
Around a dozen small to large food company
customers engaged across food services and food ingredient
applications
Advanced two product candidates from
‘discovery’ to ‘phase 1’ development
New concept-to-fork facility in Roseville,
Minn., on track for completion in Spring 2018
Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and
agriculture-focused company, today announced its results for the
three-month period ended December 31, 2017 and for the year ended
December 31, 2017.
Investor Call Details
Calyxt will host an investor call on March 14, 2018 at 8:00 am
Eastern Time to discuss its financial results and provide a general
business update.
The live dial-in information for the conference call is:
US & Canada only: 877-407-9747International:
412-902-0044
In addition, a replay of the call will be available for 6 months
following the conference by calling 877-660-6853 (Toll Free US
& Canada); 201-612-7415 (Toll Free International). The archived
webcast of this event may be accessed through the Calyxt
website.
Webcast URL (Archived for 6 months):
http://calyxt.equisolvewebcast.com/q4-2017
“At Calyxt, we are pioneering a business model as a specialty
food ingredient company, based on our proprietary, industry-leading
gene editing technology platform, called TALEN®. We have made
tremendous progress in the commercial preparation of our High Oleic
Soybean product by contracting over 11,500 acres with over 60
farmers as of March 13th. This is just our first product and we are
thrilled by the pace of development and possibilities that gene
editing brings to the agricultural space as a whole.” Federico
Tripodi, CEO Calyxt.
Corporate highlights
Planting Update - On Track for the Commercialization of
High Oleic Soybeans
As of March 13th, Calyxt has contracted over 11,500 acres with
60 farmers in the Upper Midwest. Overall, these growers
collectively farm over 125,000 acres, half of which are expected to
produce soybeans. More than a quarter of the soybeans that are
anticipated to be planted by these farmers consist of Calyxt’s
high-oleic variety.
Calyxt’s recent partnership with Farmer’s Business Network, Inc.
(FBN) added to the distribution and grower base of Calyxt’s
identity-preserved high-oleic soybeans across the upper Midwest
region, including South Dakota and Minnesota.
In December 2017, Calyxt launched the seed distribution and 2018
High Oleic Premium Grower Program with the Farmer Business Network.
With access to a growing network of progressive farmers covering
the entire U.S., we are building out our grower program with
FBN.
On the food customer side, around 12 small to large food company
customers are currently engaged across food services and food
ingredient applications to test Calyxt’s high oleic soybean
oil.
Alfalfa Product Candidate Designated as Non-Regulated by USDA
and two product candidates advanced from ‘discovery’ to ‘phase 1’
development
In October, Calyxt and S&W Seeds announced that Calyxt’s
first alfalfa product candidate has been designated by the USDA as
a non-regulated article under the USDA APHIS’s “Am I Regulated?”
Process.
This improved quality alfalfa developed using Calyxt’s
proprietary gene editing technology TALEN® is Calyxt sixth product
candidate to be confirmed as a non-regulated article by the USDA
together with Calyxt’s high oleic soybean, high oleic / low
linolenic soybean, powdery mildew resistant wheat, cold storable
potato and reduced browning potato.
Calyxt now has nine product candidates in Phase 1 development or
higher across soybean, wheat, canola, potato and alfalfa crops. The
two products most recently entering Phase 1 are herbicide-tolerant
wheat, our third wheat product candidate, and improved oil
composition canola, our first canola product candidate, which
entered Phase 1 during the third quarter of 2017. We believe that
canola and wheat represent major growth opportunities for
Calyxt.
New concept-to-fork facility in Roseville, Minn., on track
for completion in Spring 2018
Calyxt’s new 11-acre concept-to-fork facility will house
Calyxt’s nearly 40,000-square-foot headquarters, state-of-the-art
research labs and a test kitchen. The new facility is being
constructed adjacent to Calyxt’s recently completed
11,000+square-foot greenhouses and existing outdoor demonstration
plots.
Financial Highlights
Cash and cash equivalents were $56.7 million at December 31,
2017. The highlight of 2017 was the successful initial public
offering (IPO) in July, which provided $58 million of net proceeds
after underwriter discounts and fees. Cellectis remains our
majority shareholder with 79.7% of our common stock as of December
31, 2017. In September 2017, we completed a sale-leaseback
transaction with respect to our Roseville, Minnesota
headquarters and lab facilities, in which we received approximately
$7 million for the sale of the property and entered into a lease
agreement with an initial twenty-year term. We intend to continue
to judiciously manage the use of cash and expect to have sufficient
cash to fund the business through the mid-2019.
For the fourth quarter and full year of 2017, we had a net loss
of $6.8 million and $26.0 million respectively. The net loss
includes non-cash stock option expense related to grants from 2014
to 2017 for the fourth quarter and full year of $2.1 million and
$12.1 million respectively. Our operating cash spend for the 12
months ending December 31, 2017 was $12.8 million or approximately
$1.1 million per month.
Looking forward towards 2018, we anticipate that our operating
cash spend will increase as we continue to expand our R&D team
to advance key products in the portfolio and build out or
commercial capabilities. For the first quarter of 2018, we project
a cash burn rate in the range of $6.0 to $7.0 million. This
increased cash spend reflects spending in the first half of 2018 on
high oleic soybean seed production to support our Spring product
launch, a continued expansion of our R&D team to advance key
products in the portfolio and the build-out of our commercial
capabilities.
Calyxt, Inc.Balance
Sheets
(expressed in thousands, except share data and per share
data)
December 31,
2017
2016
Assets Current assets: Cash and cash equivalents $
56,664 $ 5,026 Trade accounts receivable — 110 Due from related
parties 167 47 Prepaid expenses and other current assets 626
282 Total current assets 57,457 5,465 Property and
equipment, net 14,353 10,994 Other long-term assets 357
164
Total assets
$ 72,167 $ 16,623
Liabilities and stockholders’
equity
Current liabilities: Due to related parties
$
1,350
$
1,712
Accounts payable 1,023 357 Accrued salaries, wages, and other
compensation 945 332 Accrued liabilities 893 363 Deferred revenue
43 101 Total current liabilities 4,254 2,865
Non-current deferred revenue 289 639 Financing lease obligation
10,148 —
Total liabilities 14,691 3,504
Stockholders’ equity:
Common stock, $0.0001 par value;
275,000,000 shares authorized, 27,718,780 and19,600,000 shares
issued and outstanding as of December 31, 2017 and
2016,respectively
3
2
Preferred stock, $0.0001 par value;
50,000,000 shares authorized, no shares issued oroutstanding as of
December 31, 2017 and 2016, respectively
—
—
Additional paid-in capital
112,021
41,685
Accumulated deficit
(54,548)
(28,568)
Total stockholders’ equity 57,476 13,119
Total liabilities and stockholders’ equity $ 72,167 $ 16,623
Calyxt, Inc. Statements
ofOperations
(expressed in thousands except shares outstanding and per share
amounts)
Year Ended December 31,
2017
2016
2015
Revenue
$
508
$
399
$
1,272
Operating expenses: Cost of revenue
—
200
751
Research and development 11,556 5,638 2,766 Selling, general and
administrative 14,741 6,670 3,569 Total
Operating expenses
26,297 12,508
7,086 Loss from operations
(25,789)
(12,109)
(5,814)
Interest expense
(1)
(5)
(261)
Foreign currency transaction (loss) gain
(190)
28 186 Loss before income taxes
(25,980)
(12,086)
(5,889)
Income tax expense
—
—
—
Net loss
$
(25,980)
$
(12,086)
$
(5,889)
Basic and diluted loss per share
$
(1.12)
$
(0.62)
$
(0.88)
Weighted average shares outstanding—basic and diluted
23,153,661 19,600,000 6,725,740
Calyxt, Inc.
Statements of Stockholders’
Equity
(expressed in thousands except shares
outstanding)
SharesOutstanding
CommonStock
AdditionalPaid-InCapital
AccumulatedDeficit
TotalStockholders’Equity(Deficit)
Balances at January 1, 2015
2,450,000
$
—
$
47
$
(10,483)
$
(10,436)
Issuance of common stock
—
—
—
—
—
Capital contributed to Parent
17,150,000
2
39,998
—
40,000
Dividend to parent
—
—
—
(110)
(110)
Stock options exercised
—
—
—
—
—
Stock-based compensation
—
—
692
—
692
Net loss
—
—
—
(5,889)
(5,889)
Balances at December 31, 2015
19,600,000
$
2
$
40,737
$
(16,482)
$
24,257
Issuance of common stock
—
—
—
—
—
Stock options exercised
—
—
—
—
—
Stock-based compensation
—
—
948
—
948
Net loss
—
—
—
(12,086)
(12,086)
Balances at December 31, 2016
19,600,000
$
2
$
41,685
$
(28,568)
$
13,119
Issuance of common stock 8,050,000
1
57,979 — 57,980 Stock options exercised 68,780 — 265 — 265
Stock-based compensation — — 12,092 — 12,092
Net loss
—
—
—
(25,980)
(25,980)
Balances at December 31, 2017
27,718,780
$
3
$
112,021
$
(54,548)
$
57,476
Calyxt, Inc. Statements ofCash
Flows (expressed inthousands)
Year Ended December 31,
2017
2016
2015
Operating activities
Net loss (25,980) (12,086) (5,889) Adjustments to reconcile net
loss to net cash used in operating activities: Depreciation 551 345
147 Stock-based compensation 12,092 948 692 Changes in operating
assets and liabilities: Trade accounts receivable 110 107 25 Due
to/from related parties (482) 1,702 (1,265) Prepaid expenses and
other assets (537) (387) 59 Accounts payable 665 53 (28) Accrued
salaries, wages and other compensation 613 88 93 Accrued
liabilities 591 137 40 Deferred revenue (408)
(144) (565)
Net cash used in operating
activities $ (12,785) $
(9,237) $ (6,691)
Investing activities
Purchases of property and equipment
(779)
(10,424)
(665)
Net cash used in investing
activities
$
(779)
$
(10,424)
$
(665)
Financing activities
Proceeds from common stock issuance
61,292
—
—
Costs incurred related to the issuance of
stock
(3,312)
—
—
Capital contribution from Parent
—
—
30,000
Advances from Parent
3,000
—
2,050
Repayment of advances from Parent
(3,000)
—
(200)
Dividend to Parent
—
—
(110)
Proceeds from the exercise of stock
option
265
—
—
Cash received for land and other
improvements as a part of the financinglease obligation
6,957
—
—
Net cash provided by financing
activities
$
65,202
$
—
$
31,740
Net increase (decrease) increase in cash
and cash equivalents
51,638
(19,661)
24,384
Cash and cash equivalents—beginning of
period
5,026
24,687
303
Cash and cash equivalents—end of
period
$
56,664
$
5,026
$
24,687
Supplemental cash flow
information
Interest paid
$
200
$
5
$
261
Supplemental non-cash investing and
financing transactions
Property and equipment included in
financing lease obligation
$
3,130
$
—
$
—
About Calyxt
Calyxt, Inc. is a consumer-centric, food- and
agriculture-focused company. Calyxt is pioneering a paradigm shift
to deliver healthier food ingredients, such as healthier oils and
high fiber wheat, for consumers and crop traits that benefit the
environment and reduce pesticide applications, such as disease
tolerance, for farmers. Calyxt develops non-transgenic crops
leveraging processes that occur in nature by combining its leading
gene-editing technology and technical expertise with its innovative
commercial strategy. Calyxt is located in Minneapolis-St. Paul, MN,
and is listed on the Nasdaq market (ticker: CLXT).
For further information please visit our website:
www.calyxt.comCalyxt™ and the corporate logo are trademarks owned
by Calyxt, Inc.TALEN® is a registered trademark owned by the
Cellectis S.A.
Calyxt Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify these statements by forward-looking words such as “may,”
“might,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” or “continue,” the
negative of these terms and other comparable terminology. These
forward-looking statements, which are subject to risks,
uncertainties and assumptions about us, may include projections of
our future financial performance, our anticipated growth strategies
and anticipated trends in our business. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements, including those factors discussed under the caption
entitled “Risk Factors” in our Annual Report on Form 10-K, along
with our other filings with the U.S. Securities and Exchange
Commission. We do not assume any obligation to publicly provide
revisions or updates to any forward-looking statements, whether as
a result of new information, future developments or otherwise,
should circumstances change, except as otherwise required by
applicable laws.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180313006576/en/
Calyxt, Inc.MediaJennifer Moore, 917-580-1088VP
Communicationsmedia@calyxt.comorKCSA Strategic
CommunicationsCaitlin Kasunich,
212-896-1241ckasunich@kcsa.comorNick Opich,
212-896-1206nopich@kcsa.comorInvestor RelationsSimon
Harnest, 646-385-9008VP Corporate Strategy and
Financesimon.harnest@calyxt.com
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