IsoPlexis Corporation (Nasdaq: ISO), the Superhuman Cell Company,
today reported financial results for the quarter and year ended
December 31, 2021.
Recent Highlights
- Revenue of $5.5
million for the fourth quarter and $17.3 million for the full year
2021, representing 63% and 66% increases, respectively, over the
corresponding periods of 2020
- Sold 98 new
instruments in 2021, bringing the installed base to 209 total
instruments
- Released The
Superhuman Cell Library, an industry-first mapping of the
proteomically driven cells that determine how the human body
responds to complex disease
- Presented new
data generated on the IsoLight highlighting how to leverage
“superhero” cells for optimization of CAR-T manufacturing as well
as clinical immunotherapies for hematologic malignancies and
functional biomarkers of potency, durability, and survival
- Demonstrated
commercial traction with 67% of US Comprehensive Cancer Centers and
100% of top 15 pharma companies by revenue now using IsoPlexis
platforms for functional cell analysis
- Demonstrated
broad applicability of technology beyond the cell therapy and
cancer immunology markets through a recent immune monitoring
Covid-19 study published in the Cell journal, and released
additional applications for the next-gen Duomic platform
“2021 was an exciting year for IsoPlexis as we transitioned to
being a public company,” said Sean Mackay, Co-founder and CEO of
IsoPlexis. “We made significant progress across multiple fronts
with revenue growing 66% year-over-year, instruments placed in all
15 of the top pharma companies and in more than two thirds of
Comprehensive Cancer Centers. We look forward to continuing this
commercial momentum in 2022 as well as making significant progress
on our ambitious product roadmap.”
Fourth Quarter 2021 Financial
Results
Revenue was $5.5 million for the three months
ended December 31, 2021, a 63% increase from $3.4 million for the
three months ended December 31, 2020. These results were primarily
driven by an increase in instruments sold.
Gross margin was 51% for the fourth quarter of
2021, as compared to 53% for the corresponding prior year
period.
Operating expenses were $27.5 million for the
fourth quarter of 2021, a 145% increase from $11.2 million for the
three months ended December 31, 2020. The increase in operating
expenses was primarily driven by headcount expansion across our
business, and the additional costs of being a public company.
Operating loss was $24.6 million for the fourth
quarter of 2021, as compared to $9.4 million for the corresponding
prior year period.
Net loss was $25.3 million for the fourth
quarter of 2021, as compared to a net loss of $8.0 million for the
corresponding prior year period.
Full Year 2021 Financial
Results
Revenue was $17.3 million for the year ended
December 31, 2021, a 66% increase from $10.4 million for the year
ended December 31, 2020.
Gross margin was 51% for 2021, as compared to
52% for the prior year period.
Operating expenses were $85.1 million for 2021,
as compared to $32.7 million for the prior year period, an increase
of 160%.
Operating loss was $76.3 million for 2021, as
compared to $27.3 million for the corresponding prior year
period.
Net loss was $81.6 million for 2021, as compared
to a net loss of $23.3 million for the corresponding prior year
period.
Cash was $126.6 million as of December 31,
2021.
2022 Guidance
IsoPlexis expects full year 2022 revenue to be
in the range of $26 million to $27 million, representing 51% to 56%
growth over full year 2021.
Webcast Information
IsoPlexis will host a conference call to discuss
the fourth quarter 2021 financial results before market open on
Wednesday, March 2, 2022 at 5:30 am Pacific Time / 8:30 am Eastern
Time. A webcast of the conference call can be accessed at
http://investors.isoplexis.com. The webcast will be archived and
available for replay for at least 90 days after the event.
Please also find our updated investor
presentation on our website
(https://investors.isoplexis.com/news-events/presentations).
About IsoPlexis
IsoPlexis is the Superhuman Cell company.
IsoPlexis’ systems uniquely identify a comprehensive range of
multifunctional single cells, i.e. the superhero cells in the human
body. These cells enable researchers to understand and predict
disease progression, treatment resistance and therapeutic efficacy
to advance all of human health.
IsoPlexis has been named Top Innovation or Design by The
Scientist Magazine, Fierce, BIG Innovation, Red Dot and multiple
others. The IsoPlexis platform is used globally by researchers,
including those at the top 15 global pharmaceutical companies and
at two-thirds of leading U.S. comprehensive cancer centers.
Forward Looking Statements
This press release contains “forward-looking statements.” These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies and other future conditions. Such
forward-looking statements may include, without limitation,
statements about future opportunities for us and our products and
services, our future operations, financial or operating results,
including our financial guidance, anticipated business levels,
future earnings, planned activities, anticipated growth, market
opportunities, strategies, competitions and other expectations and
targets for future periods. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“predict,” “project,” “target,” “potential,” “seek,” “will,”
“would,” “could,” “continuing,” “forward,” “should,” “continue,”
“contemplate,” “plan,” and other words and terms of similar
meaning. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond our
control. We caution you that forward-looking statements are not
guarantees of future performance or outcomes and that actual
performance and outcomes may differ materially from those made in
or suggested by the forward-looking statements contained in this
press release. In addition, even if our results of operations,
financial condition and cash flows, and the development of the
markets in which we operate, are consistent with the
forward-looking statements contained in this press release, those
results or developments may not be indicative of results or
developments in subsequent periods. New factors emerge from time to
time that may cause our business not to develop as we expect, and
it is not possible for us to predict all of them.
Factors that could cause actual results and outcomes to differ
from those reflected in forward-looking statements include, among
others, the following: estimates of our addressable market, market
growth, future revenue, expenses, capital requirements and our
needs for additional financing; the implementation of our business
model and strategic plans for our products and technologies;
competitive companies and technologies and our industry; our
ability to manage and grow our business by expanding our sales to
existing customers or introducing our products to new customers;
our ability to develop and commercialize new products; our ability
to establish and maintain intellectual property protection for our
products or avoid or defend claims of infringement; the performance
of third party suppliers; our ability to hire and retain key
personnel and to manage our future growth effectively; our ability
to obtain additional financing in future offerings; the volatility
of the trading price of our common stock; our expectations
regarding use of proceeds from our initial public offering (“IPO”);
the potential effects of government regulation; the impact of
COVID-19 on our business; and our expectations about market trends.
For a further discussion of these and other factors that could
impact our future results, performance or transactions, see the
section “Risk Factors” included in our Form 10-Q filed with the
Securities and Exchange Commission (“SEC”) on November 12, 2021,
and our other filings with the SEC. Given these uncertainties, you
should not place undue reliance on these forward-looking
statements. It is not possible for us to predict all risks, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. We qualify all of the
forward-looking statements in this press release by these
cautionary statements. Except as required by law, we undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor Contactinvestors@isoplexis.com
Press Contactpress@isoplexis.com
IsoPlexis Corporation and
SubsidiariesConsolidated Statements of
Operations (Unaudited)
|
|
Year ended December 31, |
(in thousands, except share and per share
amounts) |
|
|
2021 |
|
|
|
2020 |
|
Revenue |
|
|
|
|
Product revenue |
|
$ |
16,201 |
|
|
$ |
9,318 |
|
Service revenue |
|
|
1,057 |
|
|
|
1,069 |
|
Total revenue |
|
|
17,258 |
|
|
|
10,387 |
|
Cost of product revenue |
|
|
8,445 |
|
|
|
4,866 |
|
Cost of service revenue |
|
|
47 |
|
|
|
108 |
|
Gross profit |
|
|
8,766 |
|
|
|
5,413 |
|
Operating expenses: |
|
|
|
|
Research and development expenses |
|
|
20,966 |
|
|
|
11,157 |
|
General and administrative expenses |
|
|
26,349 |
|
|
|
8,023 |
|
Sales and marketing expenses |
|
|
37,774 |
|
|
|
13,511 |
|
Total operating expenses |
|
|
85,089 |
|
|
|
32,691 |
|
Loss from operations |
|
|
(76,323 |
) |
|
|
(27,278 |
) |
Other income (expense): |
|
|
|
|
Interest (expense), net |
|
|
(3,618 |
) |
|
|
(18 |
) |
Other (expense) income, net |
|
|
(1,628 |
) |
|
|
4,032 |
|
Net loss |
|
$ |
(81,569 |
) |
|
$ |
(23,264 |
) |
Accrued dividends on preferred stock |
|
|
(10,455 |
) |
|
|
(6,137 |
) |
Net loss attributable to common stockholders |
|
$ |
(92,024 |
) |
|
$ |
(29,401 |
) |
Basic and diluted net loss per
common share |
|
$ |
(8.99 |
) |
|
$ |
(14.06 |
) |
Weighted-average common shares outstanding—basic and diluted |
|
|
10,239,869 |
|
|
|
2,090,392 |
|
IsoPlexis Corporation and
SubsidiariesConsolidated Balance
Sheets(Unaudited)
|
|
December 31, |
(in thousands, except share amounts) |
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
126,566 |
|
|
$ |
106,641 |
|
Accounts receivable, net |
|
|
4,100 |
|
|
|
2,922 |
|
Inventories, net |
|
|
24,299 |
|
|
|
3,955 |
|
Prepaid expenses and other current assets |
|
|
3,478 |
|
|
|
2,156 |
|
Total current assets |
|
|
158,443 |
|
|
|
115,674 |
|
Property and equipment,
net |
|
|
5,778 |
|
|
|
3,227 |
|
Intangible assets, net |
|
|
21,008 |
|
|
|
1,643 |
|
Other assets |
|
|
2,243 |
|
|
|
3,061 |
|
Total assets |
|
$ |
187,472 |
|
|
$ |
123,605 |
|
Liabilities,
redeemable convertible preferred stock and stockholders’ equity
(deficit) |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
4,839 |
|
|
$ |
2,137 |
|
Accrued expenses and other current liabilities |
|
|
7,827 |
|
|
|
2,129 |
|
Deferred revenue |
|
|
915 |
|
|
|
356 |
|
Total current liabilities |
|
|
13,581 |
|
|
|
4,622 |
|
Warrant liability |
|
|
— |
|
|
|
4,637 |
|
Long-term debt |
|
|
31,646 |
|
|
|
22,137 |
|
Total liabilities: |
|
|
45,227 |
|
|
|
31,396 |
|
Commitments and
Contingencies |
|
|
|
|
Redeemable convertible
preferred stock, $0.001 par value, zero and 3,442,340 shares
authorized at December 31, 2021 and 2020, respectively; zero and
3,211,652 shares issued and outstanding at December 31, 2021 and
2020, respectively |
|
|
— |
|
|
|
143,460 |
|
Stockholders’ deficit: |
|
|
|
|
Preferred stock, $0.001 par value; 20,000,000 and zero shares
authorized at December 31, 2021 and 2020, respectively; and zero
shares issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 400,000,000 shares authorized;
39,036,010 and 2,133,904 shares issued and outstanding as of
December 31, 2021 and 2020, respectively |
|
|
39 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
276,179 |
|
|
|
1,151 |
|
Accumulated deficit |
|
|
(133,973 |
) |
|
|
(52,404 |
) |
Total stockholders’ equity (deficit) |
|
|
142,245 |
|
|
|
(51,251 |
) |
Total liabilities, redeemable
convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
187,472 |
|
|
$ |
123,605 |
|
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