Evaluated nine new customer demand-driven
plant-based chemistries in the quarter, bringing cumulative
chemistries evaluated for development to 95, of these 31 meet
Calyxt's target profile and several are the subject of term sheet
discussions
Engineering solution for a high-value molecule
planned to be delivered in early 2023 to a large global consumer
packaged goods company
Progressing discussions with multiple
potential infrastructure partners who would produce chemistries in
various sizes of bioreactors from pilot to commercial scale
Evaluating term sheets for technology
licensing and for licensing of traits
Management to host conference call and webcast
today at 4:30 p.m. ET
ROSEVILLE, Minn., Aug. 4, 2022
/PRNewswire/ -- Calyxt, Inc. (Nasdaq: CLXT), a plant-based
synthetic biology company, today announced financial results for
its second quarter ended June 30,
2022.
"Throughout the second quarter of 2022, the Calyxt team tangibly
advanced our business and related milestones. We are very pleased
to be discussing term sheets for the development and production of
chemistries with potential customers in our large and innovative
initial target end markets. Calyxt's progress is evidenced by the
95 customer demand-driven chemistries we have evaluated for
development for potential customers, up from 86 at the end of last
quarter. Chemistries identified by customers are screened and
prioritized by Calyxt to focus on those with the highest
probability of success. In terms of our infrastructure partner
milestones, we are in discussions with several companies with
capabilities to manufacture multiple chemistries concurrently from
pilot to multiple commercial scale vessels on a global basis. Also
importantly, we are evaluating multiple term sheets for technology
licensing and for the licensing of traits, reflecting significant
interest in our second-generation high oleic soybean and high fiber
wheat offerings. Throughout the quarter, we also continued to work
on scaling and standardizing our production in our pilot BioFactory
system and building out related capabilities. We are proud of the
significant progress we have made in a short period of time, and it
is a testament to our new strategic direction gaining traction. We
continue our focused drive to realize value for our stakeholders
and look forward to providing updates in the coming months," said
Michael A. Carr, President and Chief
Executive Officer at Calyxt.
Key accomplishments in the second quarter of 2022, and through
the date of this press release, include the following:
Chemistries under Development for Potential Customers
- The breadth and depth of Calyxt's business development
activities continue to grow. In the second quarter, Calyxt received
nine new chemistries from potential customers for evaluation,
bringing the total number of chemistries cumulatively evaluated for
development with PlantSpring for production in its BioFactory to
95. Of the 95 chemistries, 31 have met Calyxt's target product
profile, or TPP, criteria and are subject to further evaluation and
discussion with the potential customers. Additionally, the
evaluated chemistries include several that were identified by
potential customers as having been unsuccessfully attempted by
others in the synthetic biology industry.
- Leveraging the 31 customer demand-driven chemistries that have
passed its TPP criteria, Calyxt is currently negotiating term
sheets with several potential customers for the development of a
select number of those plant-based chemistries.
- Calyxt is performing a pilot project for a potential high-value
chemistry for a large global consumer packaged goods (CPG) company.
Calyxt expects to deliver an engineered solution in early 2023.
This could form the basis for a formal engagement to complete
development and produce the chemistry for that CPG company, or
another company in the space who may be interested in the
chemistry.
- The Company's goal remains two to four customer demand-driven
compounds for development by year end using its TPP selection
criteria to determine the compounds to pursue.
Discussions with Multiple Global Infrastructure Partners
Underway for Production of Chemistries in Various Size Bioreactors
from Pilot to Commercial Scale
- In the second quarter of 2022, Calyxt initiated discussions
with multiple potential infrastructure partners and exchanged a
term sheet with one of them. These potential infrastructure
partners offer a global footprint and capabilities to enable Calyxt
to have the speed to scale quickly, as they have capacities from
pilot to commercial scale production. These partnerships have the
potential to enable the development and production of chemistries
at industrial scale for customers within Calyxt's key end markets
of cosmeceuticals, nutraceuticals, and pharmaceuticals. Calyxt's
asset-lite approach enables the deployment of capital that would
otherwise be spent on large scale manufacturing to its development
of a robust customer base and accelerates the speed at which Calyxt
can bring chemistries to potential customers.
Mr. Carr added: "The state of our discussions with potential
infrastructure partners advanced during the quarter, offering a
foundation to support the scalability of large customers in our key
end markets. These advancements potentially accelerate Calyxt
forward in terms of the speed at which we could bring our
chemistries to said customers. The feedback we have thus far
received from these infrastructure partners is that they understand
and appreciate that Calyxt is going after hard-to-solve chemistries
that are high-value and potentially high-margin. Importantly,
Calyxt's progress with these infrastructure partners not only
supports future deals, but also brings value to ongoing customer
conversations."
Multiple Term Sheets for Licensing of Technology and Traits
under Evaluation
- Since Calyxt refocused its licensing business in late 2021, it
has developed its strategy for maximizing potential revenue from
the licensing of its technology and plant traits as announced last
quarter. In the second quarter, Calyxt procured term sheets for the
licensing of its patents and the licensing of its plant traits. For
plant traits specifically, there has been significant interest in
Calyxt's high fiber wheat and second generation high oleic soybean
offerings. These term sheet discussions with potential licensees
are continuing to advance.
- In the fourth quarter of 2021, Calyxt contracted with a large
food ingredient manufacturer to develop a soybean intended to
produce an oil that could serve as a replacement for palm oil. The
project remains on track for a first quarter of 2024 completion.
The food ingredient manufacturer is funding Calyxt's development
costs over the term of the agreement and holds an option for future
development and commercialization. Given world events, Calyxt has
received inbound interest from other manufacturers and users of
palm oil during the quarter. Calyxt was also recently featured in
an article by the Wall Street Journal focused on the
Company's licensing of traits and the potential of Calyxt's
innovation to be a solution to global supply chain restraints.
"Late last year, we announced the strategic hire of Pete Ball as Technology Licensing Leader. He has
been leading our licensing business, including technology and
traits, and Calyxt has since made substantial progress in
discussions with potential licensees in this area. It is clear
these potential licensees see the value of our offerings,
especially in these times of global supply issues and food
insecurity. We continue our focused drive to realize value for our
stakeholders and look forward to providing updates in the coming
months," Mr. Carr continued.
Upcoming Investor Presentation
Calyxt will present at the Canaccord Genuity 42nd Annual Growth
Conference on Thursday, August 11,
2022, at 1:00 p.m. ET in
Boston, MA.
The presentation will be available for viewing and replay from
the Investors section of Calyxt's website at www.calyxt.com.
Financial Results for the Three Months Ended June 30, 2022
- Cash, cash equivalents, and restricted cash totaled
$11.9 million as of June 30, 2022.
- Revenue was nominal in the second quarter of 2022 compared to
$11.9 million in the second quarter
of 2021. The decrease in revenue was driven by the late 2021
completion of the wind-down of the Company's soybean product line.
Revenue in the second quarter of 2022 was primarily associated with
the Company's agreement with a food ingredient manufacturer to
develop a palm oil alternative.
- Total operating expenses were $6.8
million in the second quarter of 2022 compared to
$6.3 million in the second quarter of
2021. The increase was primarily driven by the Company's adoption
of the lease accounting standard which shifted amounts previously
reported in interest, net to operating expenses.
- Net loss was $2.5 million in the
second quarter of 2022 compared to $4.8
million in the second quarter of 2021. The improvement in
net loss was driven by non-operating income (expenses) including
the mark-to-market of the Common Warrants derivative liability,
which declined in value due to a decline in stock price in 2022,
partially offset by the gain realized on the forgiveness of the
Payroll Protection Program loan in the second quarter of 2021. Net
loss per share was $0.05 in the
second quarter of 2022 compared to $0.13 in the second quarter of 2021. The
improvement in net loss per share was driven by the improvement in
net loss and a year-over-year increase in weighted average shares
outstanding.
- Adjusted net loss was $6.7
million in the second quarter of 2022 compared to
$7.8 million in the second quarter of
2021. The improvement in adjusted net loss was driven by the
completion of the wind-down of the soybean product line in late
2021. Adjusted net loss per share was $0.14 in the second quarter of 2022 compared to
$0.21 in the second quarter of 2021.
The improvement in adjusted net loss per share was driven by the
improvement in adjusted net loss and a year-over-year increase in
weighted average shares outstanding.
"We are happy with the progress we are making across both our
product development activities using PlantSpring for BioFactory
production and licensing of patents and traits. Additionally, the
discussions we are having with potential infrastructure partners
brings us closer to enabling our ability to confidently scale
production for potential customers while deploying an asset-lite
approach that accelerates the speed in which Calyxt can bring
chemistries to potential customers," said Bill Koschak, Chief Financial Officer at Calyxt.
"We continue to be disciplined in our use of cash and thanks to the
successful offering of our common stock and warrants in
February 2022 that resulted in
$10.0 million dollars in net
proceeds, and assessing our discretionary spending, we continue to
expect Calyxt's cash runway to reach into early 2023."
Second Quarter 2022 Results Conference Call
Calyxt's President and Chief Executive Officer, Michael A. Carr, and Chief Financial Officer,
Bill Koschak, will host a conference
call discussing Calyxt's results for the second quarter of 2022,
followed by a question-and-answer session. The conference call will
be accompanied by a presentation, which can be viewed during the
webcast or accessed via the investor relations section of Calyxt's
website at www.calyxt.com.
To access the call, please use the following information:
Date:
|
Thursday, August 4,
2022
|
Time:
|
4:30 p.m. EST, 1:30
p.m. PST
|
Toll Free dial-in
number:
|
+1-888-317-6003
|
Toll/International
dial-in number:
|
+1-412-317-6061
|
Conference
ID:
|
0247091
|
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. The conference call will also be broadcast live and
available for replay via the investor relations section of the
company's website at www.calyxt.com.
A replay of the conference call and webcast will be available
for 30 days following the event
About the PlantSpring™ Technology Platform and BioFactory™
Production System
Calyxt's technology platform, PlantSpring, is founded on the
Company's more than a decade of experience engineering plant
metabolism, and incorporates its scientific knowledge, its
proprietary systems, tools, and technologies; and an expanding set
of related capabilities. In PlantSpring, the Company identifies
metabolic pathways to produce plant-based chemistries, designs
strategies to reprogram host cells, engineers plant cell metabolism
to optimally produce targeted compounds, and produces those
targeted compounds at laboratory scale. The Company has implemented
AIML capabilities for the identification of targets for editing
specific genetic pathways and continues to develop AIML
capabilities across the PlantSpring platform, which will enable
learning and adaptation of knowledge gained from past activity and
are expected to be combined with predictive analytics to rapidly
prototype and provide feedback, accelerate the time to complete the
development cycle and help mitigate the risk associated with
commercial scale-up. As a result, Calyxt believes it can
develop biomolecules in plants for customers at both a greater
breadth and level of complexity and at faster speeds than its
competitors in the synthetic biology industry. The output from the
PlantSpring platform integrates with the Company's BioFactory
production system. The Company uses the term "compounds" to
describe compounds, molecules, and plant-based chemistries
interchangeably.
The BioFactory is a bioreactor-based production system that is
designed to be capable of continuous production of plant-based
chemistries. The bioreactor can be of any size depending upon
factors including yield and titer necessary to reach the required
commercial scale. For production, multicellular Plant Cell
Matrix™ (PCM™) structures are placed inside the bioreactor,
and growth media bathes the PCM structures to provide them with
nutrition, which differentiates the Company's process from other
methods that require complete submersion of cells in growth media
and/or the application of hormones to facilitate growth. A PCM
structure is a living system of various cell types, which is
designed to emulate the intercellular metabolism of an entire
plant, which grows over time, produces, and stores, or excretes,
the target chemistries. The growth media is the feedstock of the
BioFactory production system and contains the essential inputs to
support growth of the PCM structures and necessary chemistry
production. The growth media is expected to be reused throughout
the production cycle, which may run for an extended time period. To
scale production in the BioFactory productions system, the Company
expects to move the PCM structures from its current bioreactor into
larger capacity bioreactors or groups of bioreactors. Calyxt began
running lab-scale bioreactors in early 2021. The Company's first
pilot-scale bioreactor became operational in December 2021 and is scalable up to 200 liters.
The pilot stage of development takes a compound developed with the
PlantSpring platform through to commercial production. Depending on
the compound to be produced, there may be a range of vessel sizes
between the initial pilot facility and the commercial production
facility. The Company's current plan is to engage third parties,
referred to as infrastructure partners, for at-scale commercial
production. Infrastructure partners are likely to be companies with
processing assets that can be converted from current production to
the Company's bioreactor-based approach. If an infrastructure
partner is used for production, the Company expects to pay a fee
for that production. Because of the expected modular nature of the
BioFactory production system and the types of high value compounds
the Company expects to develop for customers, it is also possible
that commercial production could also occur in a customer's
in-house facility. The Company expects to expand the scope of its
pilot facilities based on customer demand, and the scope of
production could extend, subject to regulatory and other
considerations, outside the United
States. Because of its production methodology, Calyxt
believes the BioFactory has the potential to be one of the most
sustainable production systems across industries.
About Calyxt
Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology
company. The Company leverages its proprietary PlantSpring™
technology platform to engineer plant metabolism to produce
innovative high value plant-based chemistries for use in customers'
materials and products. As plant-based solutions, the Company's
synthetic biology products can be used in helping customers meet
their sustainability targets and financial goals. Calyxt's
diversified offerings are primarily delivered through its
proprietary BioFactory™ production system. For more information,
visit www.calyxt.com.
PlantSpring, BioFactory, Plant Cell Matrix™, and the Calyxt logo
are trademarks of Calyxt, Inc. Any other trademarks belong to their
respective owners.
Contacts
Calyxt Media
Contact:
|
Calyxt Investor
Relations Contact:
|
David Rosen/ John
Garabo/ Michael Barron
Argot Partners
(212)
600-1902
media@calyxt.com
|
Kimberly Minarovich/
Cameron Willis
Argot Partners
(212)
600-1902
investors@calyxt.com
|
Calyxt Business
Development Contact:
|
|
Gerry Nuovo
Senior Vice President
of Business
Development
(612)
427-7881
contact@calyxt.com
|
|
USE OF NON-GAAP FINANCIAL INFORMATION
To supplement the Company's financial results prepared in
accordance with GAAP, it has prepared certain non-GAAP measures
that include or exclude special items. These non-GAAP measures are
not meant to be considered in isolation or as a substitute for
financial information presented in accordance with GAAP and should
be viewed as supplemental and in addition to the Company's
financial information presented in accordance with GAAP. Investors
are cautioned that there are material limitations associated with
the use of non-GAAP financial measures. In addition, other
companies may report similarly titled measures, but calculate them
differently, which reduces their usefulness as a comparative
measure. Management utilizes these non-GAAP metrics as performance
measures in evaluating and making operational decisions regarding
the Company's business.
The Company's 2021 non-GAAP financial measures reflect
adjustments for certain commodity derivatives entered into in
connection with its soybean product line. As a result of the
completed wind-down of this product line in late 2021, the Company
held no commodity derivative contracts as of June 30, 2022.
The Company presents adjusted net loss, a non-GAAP measure, and
defines it as net loss adjusted for (i) unrealized gains and losses
associated with commodity derivatives entered into to hedge the
change in value of fixed price grain inventories and fixed price
grain production agreements that should be recognized in the future
when the underlying inventory is sold, (ii) gains and losses from
commodity derivatives realized in prior periods but associated with
inventory sold in the current period, (iii) net realizable value
adjustments to inventories occurring in the period which otherwise
would have been recognized in the future when the underlying
inventory is sold, and (iv) net realizable value adjustments
recognized in prior periods but associated with inventory sold in
the current period, and excluding cash-based Section 16 officer
transition expenses, the recapture of non-cash stock compensation
associated with the departure of Section 16 officers, the gain upon
the extinguishment of the Payroll Protection Program (PPP) loan,
and non-operating income (expenses). The foregoing adjustments are
those necessary to present the underlying gross profit of the
Company's soybean product line for the 2021 periods presented,
together with the corresponding adjustments to the extent
applicable to the corresponding 2022 periods presented.
The Company provides in the table below a reconciliation of net
loss, which is the most directly comparable GAAP financial measure,
to adjusted net loss. The Company provides adjusted net loss
because it believes that this non-GAAP financial metric provides
investors with useful supplemental information in light of the
Company's business model during the periods presented, as the
amounts being adjusted affect the period-to-period comparability of
net losses and financial performance.
The table below presents a reconciliation of net loss to
adjusted net loss:
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
In Thousands
|
2022
|
2021
|
2022
|
2021
|
Net loss (GAAP
measure)
|
$ (2,485
)
|
$ (4,807
)
|
$ (8,104
)
|
$ (14,835 )
|
Non-GAAP
adjustments:
|
|
|
|
|
Commodity derivative
impact, net
|
—
|
(658 )
|
—
|
(447 )
|
Net realizable value
adjustment to inventories
|
—
|
(859 )
|
—
|
(72 )
|
Section 16
officer transition
expenses
|
116
|
13
|
232
|
2,734
|
Recapture of non-cash
stock
compensation
|
—
|
—
|
—
|
(2,540 )
|
Gain upon
extinguishment of Payroll Protection Program loan
|
—
|
(1,528 )
|
—
|
(1,528 )
|
Non-operating income
(expenses)
|
(4,296
)
|
(6 )
|
(4,783
)
|
(5 )
|
Adjusted net
loss
|
$ (6,665
)
|
$ (7,845
)
|
$ (12,655 )
|
$ (16,693 )
|
The Company presents adjusted net loss per share, a non-GAAP
measure, and defines it as net loss per share adjusted for (i)
unrealized gains and losses associated with commodity derivatives
entered into to hedge the change in value of fixed price grain
inventories and fixed price grain production agreements that should
be recognized in the future when the underlying inventory is sold,
(ii) gains and losses from commodity derivatives realized in prior
periods but associated with inventory sold in the current period,
(iii) net realizable value adjustments to inventories occurring in
the period which otherwise would have been recognized in the future
when the underlying inventory is sold, and (iv) net realizable
value adjustments recognized in prior periods but associated with
inventory sold in the current period, and excluding cash-based
Section 16 officer transition expenses, the recapture of non-cash
stock compensation associated with the departure of Section 16
officers, the gain upon the extinguishment of the PPP loan, and
non-operating income (expenses). The foregoing adjustments are
those necessary to present the underlying gross profit of the
Company's soybean product line for the 2021 periods presented,
together with the corresponding adjustments to the extent
applicable to the corresponding 2022 periods presented.
The Company provides in the table below a reconciliation of net
loss per share, which is the most directly comparable GAAP
financial measure, to adjusted net loss per share. The Company
provides adjusted net loss per share because it believes that this
non-GAAP financial metric provides investors with useful
supplemental information in light of the Company's business model
during the periods presented, as the amounts being adjusted affect
the period-to-period comparability of net losses per share and
financial performance.
The table below presents a reconciliation of net loss per share
to adjusted net loss per share:
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|
2022
|
2021
|
2022
|
2021
|
Net loss per share
(GAAP measure)
|
$
(0.05 )
|
$
(0.13 )
|
$
(0.18 )
|
$
(0.40 )
|
Non-GAAP
adjustments:
|
|
|
|
|
Commodity derivative
impact, net
|
—
|
(0.02 )
|
—
|
(0.01 )
|
Net realizable value
adjustment to inventories
|
—
|
(0.02 )
|
—
|
—
|
Section 16
officer transition
expenses
|
—
|
—
|
0.01
|
0.07
|
Recapture of non-cash
stock
compensation
|
—
|
—
|
—
|
(0.07 )
|
Gain upon
extinguishment of Payroll Protection Program loan
|
—
|
(0.04 )
|
—
|
(0.04 )
|
Non-operating income
(expenses)
|
(0.09
)
|
—
|
(0.11
)
|
—
|
Adjusted net loss
per share
|
$
(0.14 )
|
$
(0.21 )
|
$
(0.28 )
|
$
(0.45 )
|
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
"anticipates," "believes," "continue," "estimates," "expects,"
"intends," "may," "might," "plans," "predicts," "projects,"
"should," "targets," "will," or the negative of these terms and
other similar terminology. Forward-looking statements in this
report include statements about the Company's future financial
performance, including its cash runway; its product pipeline and
development; its business model and strategies for the development,
commercialization and sales of commercial products; commercial
demand for its synthetic biology solutions; the development and
deployment of its PlantSpring technology platform; its ability to
deploy and leverage its artificial intelligence and machine
learning (AIML) capabilities; the ability to scale production
capability for its BioFactory production system; potential
development agreements, partnerships, customer relationships, and
licensing arrangements and their contribution to its financial
results, cash usage, and growth strategies; the potential impact of
the COVID-19 pandemic on its business and operating results; and
anticipated trends in its business. These and other forward-looking
statements are predictions and projections about future events and
trends based on the Company's current expectations, objectives, and
intentions and are premised on current assumptions. The Company's
actual results, level of activity, performance, or achievements
could be materially different than those expressed, implied, or
anticipated by forward-looking statements due to a variety of
factors, including, but not limited to: the impact of increased
competition, including competition from a broader array of
synthetic biology companies; competition for customers, partners,
and licensees and the successful execution of development and
licensing agreements; disruptions at its key facilities, including
disruptions impacting its BioFactory production system; flaws in
AIML algorithms, insufficiency of data inputs required by such
algorithms, and human error in interacting with AIML; changes in
customer preferences and market acceptance of its products; changes
in market consensus as to what attributes are required for a
product to be considered "sustainable"; the impact of adverse
events during development, including unsuccessful pilot production
of plant-based chemistries or field trials; the impact of improper
handling of its product candidates during development; failures by
third-party contractors; inaccurate demand forecasting or milestone
and royalty payment projections; the effectiveness of
commercialization efforts by commercial partners or licensees;
disruptions to supply chains, including raw material inputs for its
BioFactory; the impact of changes or increases in oversight and
regulation; disputes or challenges regarding intellectual property;
proliferation and continuous evolution of new technologies;
management changes; changes in macroeconomic and market conditions,
including inflation, supply chain constraints, and rising interest
rates; dislocations in the capital markets; the severity and
duration of the evolving COVID-19 pandemic and the resulting impact
on macro-economic conditions; and other important factors discussed
in Part I, Item 1A, "Risk Factors" in the Company's filings with
the SEC, included in Part I, Item 1A of its Annual Report on Form
10-K for the year ended December 31, 2021, which was filed
with the SEC on March 3, 2022 (its Annual Report) and its
subsequent reports on Forms 10-Q and 8-K filed with the SEC. Any
forward-looking statements made by management of the Company are
based only on currently available information and speak only as of
the date of this report. Except as otherwise required by securities
and other applicable laws, the Company does 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.
CALYXT,
INC. CONSOLIDATED BALANCE SHEETS (In Thousands,
Except Par Value and Share Amounts)
|
|
|
June 30, 2022
(unaudited)
|
December 31,
2021
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$ 11,316
|
$ 13,823
|
Restricted
cash
|
545
|
499
|
Prepaid expenses and
other current assets
|
1,002
|
859
|
Total current
assets
|
12,863
|
15,181
|
Non-current restricted
cash
|
53
|
99
|
Land, buildings, and
equipment
|
5,077
|
21,731
|
Operating lease
right-of-use assets
|
13,855
|
—
|
Other non-current
assets
|
169
|
183
|
Total
assets
|
$ 32,017
|
$ 37,194
|
Liabilities and
stockholders' equity
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
519
|
$
1,260
|
Accrued
expenses
|
262
|
339
|
Accrued
compensation
|
2,272
|
2,522
|
Due to related
parties
|
101
|
172
|
Current portion of
financing lease
obligations
|
246
|
370
|
Common stock
warrants
|
688
|
—
|
Other current
liabilities
|
413
|
191
|
Total current
liabilities
|
4,501
|
4,854
|
Financing lease
obligations
|
37
|
17,506
|
Operating lease
obligations
|
13,652
|
—
|
Other non-current
liabilities
|
68
|
702
|
Total
liabilities
|
18,258
|
23,062
|
Stockholders'
equity:
|
|
|
Common stock, $0.0001
par value; 275,000,000 shares authorized; 46,815,694 shares issued
and
46,715,542 shares outstanding as of June 30,
2022, and 38,874,146 shares issued and 38,773,994
shares outstanding as of December 31,
2021
|
5
|
4
|
Additional paid-in
capital
|
218,161
|
211,263
|
Common stock in
treasury, at cost; 100,152 shares as of June 30, 2022, and
December 31, 2021
|
(1,043
)
|
(1,043 )
|
Accumulated
deficit
|
(203,364
)
|
(196,092 )
|
Total stockholders'
equity
|
13,759
|
14,132
|
Total liabilities
and stockholders'
equity
|
$ 32,017
|
$ 37,194
|
CALYXT,
INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited) (In Thousands Except
Shares and Per Share Amounts)
|
|
|
Three Months Ended June
30,
|
Six Months Ended June 30,
|
|
2022
|
2021
|
2022
|
2021
|
Revenue
|
$
41
|
$
11,880
|
$
73
|
$
16,282
|
Cost of goods
sold
|
—
|
11,527
|
—
|
18,272
|
Gross profit
|
41
|
353
|
73
|
(1,990 )
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
3,250
|
2,844
|
6,191
|
5,894
|
Selling, general, and
administrative
|
3,556
|
3,493
|
6,736
|
7,781
|
Total operating
expenses
|
6,806
|
6,337
|
12,927
|
13,675
|
Loss from
operations
|
(6,765
)
|
(5,984 )
|
(12,854
)
|
(15,665 )
|
Gain upon
extinguishment of Payroll Protection Program
loan
|
—
|
1,528
|
—
|
1,528
|
Interest,
net
|
(16 )
|
(357 )
|
(33 )
|
(703 )
|
Non-operating income
(expenses)
|
4,296
|
6
|
4,783
|
5
|
Loss before income
taxes
|
(2,485
)
|
(4,807 )
|
(8,104
)
|
(14,835 )
|
Income
taxes
|
—
|
—
|
—
|
—
|
Net
loss
|
$
(2,485 )
|
$
(4,807 )
|
$
(8,104 )
|
$ (14,835 )
|
Basic and diluted
net loss per share
|
$
(0.05 )
|
$
(0.13 )
|
$
(0.18 )
|
$
(0.40 )
|
Weighted average
shares outstanding – basic and
diluted
|
46,663,475
|
37,199,349
|
44,354,610
|
37,168,018
|
Anti-dilutive stock
options, restricted stock units, performance stock
units, and common stock
warrants
|
16,234,030
|
5,223,327
|
16,234,030
|
5,223,327
|
CALYXT,
INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) (in Thousands)
|
|
|
|
Six Months Ended
June 30,
|
|
2022
|
2021
|
Operating
activities
|
|
|
Net loss
|
$ (8,104
)
|
$ (14,835 )
|
Adjustments to
reconcile net loss to net cash used by operating
activities:
|
|
|
Gain upon
extinguishment of Payroll Protection Program loan
|
—
|
(1,528 )
|
Depreciation and
amortization
|
763
|
1,180
|
Stock-based
compensation
|
1,855
|
(371 )
|
Unrealized (gain) loss
on mark-to-market of common stock warrants
|
(4,723
)
|
—
|
Changes in operating
assets and liabilities:
|
|
|
Accounts
receivable
|
—
|
893
|
Due to/from related
parties
|
(71 )
|
(638 )
|
Inventory
|
—
|
(1,085 )
|
Prepaid expenses and
other current assets
|
5
|
3,301
|
Accounts
payable
|
(114
)
|
1,254
|
Accrued
expenses
|
(87 )
|
(555 )
|
Accrued
compensation
|
(250
)
|
143
|
Other
|
(550
)
|
992
|
Net cash used by
operating
activities
|
(11,276
)
|
(11,249 )
|
Investing
activities
|
|
|
Proceeds from sales of
short-term investments
|
—
|
11,698
|
Purchases of land,
buildings, and
equipment
|
(1,289
)
|
(307 )
|
Net cash (used by)
provided by investing
activities
|
(1,289
)
|
11,391
|
Financing
activities
|
|
|
Proceeds from the
issuance of common stock, and pre-funded
warrants
|
11,209
|
—
|
Costs incurred related
to the issuance of common stock, pre-funded warrants, and common
warrants
|
(961
)
|
—
|
Repayments of
financing lease obligations
|
(190
)
|
(178 )
|
Proceeds from the
exercise of stock
options
|
—
|
227
|
Net cash provided
by financing activities
|
10,058
|
49
|
Net (decrease) increase
in cash, cash equivalents, and restricted
cash
|
(2,507
)
|
191
|
Cash, cash equivalents,
and restricted cash – beginning of
period
|
14,421
|
18,289
|
Cash, cash
equivalents, and restricted cash – end of
period
|
$
11,914
|
$ 18,480
|
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SOURCE Calyxt, Inc.