AquaBounty Technologies, Inc. Results for the quarter ended March 31, 2018
May 08 2018 - 4:45PM
AquaBounty Technologies, Inc. (NASDAQ:AQB) (“AquaBounty” or the
“Company”), a biotechnology company focused on enhancing
productivity in the aquaculture market and a majority-owned
subsidiary of Intrexon Corporation (NYSE:XON), announces the
Company’s financial results for the quarter ended March 31,
2018.
Financial and Operational
Summary:
- Completed public offering of common shares and warrants,
raising net funds of $10.6 million;
- received approval from the U.S. Food and Drug Administration
(“FDA”) to raise AquAdvantage® Salmon at the Indiana facility;
- net loss for the three-month period ended March 31, 2018,
increased to $2.4 million from $2.1 million in the
corresponding period of the previous year, reflecting
pre-production costs at the Indiana farm site and commencement of
R&D activities at the Rollo Bay hatchery; and
- cash and cash equivalents were $6.9 million
(December 31, 2017: $0.5 million).
AquaBounty previously announced that it had
received FDA approval to raise AquAdvantage Salmon at its
land-based contained facility near Albany, Indiana. However,
the Company is currently prevented from importing its AquAdvantage
Salmon eggs for the facility from Canada due to the existence of an
“Import Alert” pending the FDA’s issuance of final labelling
guidance for the product. The Company is fully prepared to
comply with labelling requirements and hopes that this process will
conclude in the near term.
Ronald Stotish, Chief Executive Officer of
AquaBounty, stated: “In this quarter, we achieved our two main
objectives of completing our public offering and receiving FDA
approval for our Indiana farm site facility. We anticipate stocking
the tanks in the coming months.”
About AquAdvantage Salmon – AquAdvantage Salmon
is an Atlantic salmon that has been bioengineered to grow to market
size in about half the time of a traditional farmed Atlantic
salmon. It improves the economics of producing salmon in land-based
contained facilities. AquAdvantage Salmon is a healthy,
environmentally sustainable alternative to imported farmed Atlantic
salmon.
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements other than
statements of historical fact contained in this press release are
forward-looking statements, including statements regarding the
potential for and possible timing of the FDA’s issuance of final
labeling guidance, the lifting of the Import Alert, the stocking of
the Indiana farm site facility with eggs, and the raising of
AquAdvantage® Salmon at that facility. Forward-looking statements
may be identified with words such as “will,” “may,” “expect,”
“plan,” “anticipate,” “upcoming,” “believe,” “estimate,” or similar
terminology, and the negative of these terms. Forward-looking
statements are not promises or guarantees of future performance and
are subject to a variety of risks and uncertainties, many of which
are beyond our control, which could cause actual results to differ
materially from those contemplated in these forward-looking
statements. Forward-looking statements speak only as of the date
hereof, and, except as required by law, we undertake no obligation
to update or revise these forward-looking statements. For
additional information regarding these and other risks faced by us,
please refer to our public filings with the Securities and Exchange
Commission (“SEC”), available on the Investors section of our
website at www.aquabounty.com and on the SEC’s website at
www.sec.gov.
AquaBounty Technologies,
Inc.Consolidated Balance
Sheets(Unaudited)
|
As of |
|
March 31, |
December 31, |
|
|
2018 |
|
|
2017 |
|
Assets |
|
|
Current assets: |
|
|
Cash and
cash equivalents |
$ |
6,839,389 |
|
$ |
492,861 |
|
Certificate of deposit |
|
13,045 |
|
|
13,422 |
|
Other
receivables |
|
217,536 |
|
|
183,926 |
|
Inventory |
|
125,293 |
|
|
172,363 |
|
Prepaid expenses and other current assets |
|
156,973 |
|
|
527,322 |
|
Total
current assets |
|
7,352,236 |
|
|
1,389,894 |
|
|
|
|
Property, plant and
equipment, net |
|
23,599,868 |
|
|
21,802,976 |
|
Definite-lived
intangible assets, net |
|
181,569 |
|
|
184,995 |
|
Indefinite-lived
intangible assets |
|
191,800 |
|
|
191,800 |
|
Other
assets |
|
162,093 |
|
|
162,093 |
|
Total
assets |
$ |
31,487,566 |
|
$ |
23,731,758 |
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
Current
liabilities: |
|
|
Accounts
payable and accrued liabilities |
$ |
2,092,927 |
|
$ |
2,666,855 |
|
Current debt |
|
59,260 |
|
|
49,794 |
|
Total
current liabilities |
|
2,152,187 |
|
|
2,716,649 |
|
|
|
|
Long-term
debt |
|
3,001,813 |
|
|
3,034,420 |
|
Total
liabilities |
|
5,154,000 |
|
|
5,751,069 |
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders’
equity: |
|
|
Common stock, $0.001 par value, 200,000,000 shares
authorized; |
|
12,675,533 (2017: 8,895,094) shares outstanding |
|
12,676 |
|
|
8,895 |
|
Additional paid-in capital |
|
137,629,187 |
|
|
126,718,186 |
|
Accumulated other comprehensive loss |
|
(326,002 |
) |
|
(213,884 |
) |
Accumulated deficit |
|
(110,982,295 |
) |
|
(108,532,508 |
) |
Total
stockholders’ equity |
|
26,333,566 |
|
|
17,980,689 |
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
31,487,566 |
|
$ |
23,731,758 |
|
|
|
|
|
|
|
|
AquaBounty Technologies,
Inc.Consolidated Statements of Operations and
Comprehensive Loss(Unaudited)
|
Three Months Ended |
|
March 31, |
|
|
2018 |
|
|
2017 |
|
Revenues |
|
|
Product
revenues |
$ |
19,097 |
|
$ |
- |
|
|
|
|
Costs and
expenses |
|
|
Product
costs |
|
16,232 |
|
|
- |
|
Sales and
marketing |
|
81,647 |
|
|
208,288 |
|
Research
and development |
|
977,817 |
|
|
720,022 |
|
General
and administrative |
|
1,386,873 |
|
|
1,120,788 |
|
Total costs and expenses |
|
2,462,569 |
|
|
2,049,098 |
|
|
|
|
Operating
loss |
|
(2,443,472 |
) |
|
(2,049,098 |
) |
|
|
|
Other income
(expense) |
|
|
Gain on
disposal of equipment |
|
1,160 |
|
|
- |
|
Interest
expense |
|
(5,402 |
) |
|
(5,280 |
) |
Other income (expense), net |
|
(2,073 |
) |
|
(1,365 |
) |
Total other income (expense) |
|
(6,315 |
) |
|
(6,645 |
) |
|
|
|
Net loss |
$ |
(2,449,787 |
) |
$ |
(2,055,743 |
) |
|
|
|
Other
comprehensive loss: |
|
|
Foreign
currency translation loss |
|
(112,118 |
) |
|
(14,286 |
) |
Total other comprehensive loss |
|
(112,118 |
) |
|
(14,286 |
) |
|
|
|
Comprehensive loss |
$ |
(2,561,905 |
) |
$ |
(2,070,029 |
) |
|
|
|
|
|
|
Basic and diluted net
loss per share |
$ |
(0.21 |
) |
$ |
(0.24 |
) |
Weighted average number
of common shares - |
|
|
basic and
diluted |
|
11,940,874 |
|
|
8,400,795 |
|
For further information, please contact:
Dave Conley, Director of Communications
AquaBounty Technologies, Inc.
613 294 3078
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