SeqLL Announces Fourth Quarter and Year End 2022 Financial Results
March 17 2023 - 8:30AM
SeqLL Inc. (“SeqLL” or the “Company”) (NASDAQ: SQL; SQLLW), a
technology company providing life sciences instrumentation and
research services, today announced its operating and financial
results for the fourth quarter and year ended December 31, 2022.
Year End 2022
Results and
Financial Highlights
- Total revenues for the year ended
December 31, 2022 were $0.079 million compared to $0.21 million
during the year ended December 31, 2021, representing a decrease of
63%. The change in revenue was primarily a result of the reduction
in research services and business activities due to the slow-down
during the COVID-19 pandemic.
- Gross profits
were $0.078 million for the year ended December 31, 2022; as
compared to $.15 million for the year ended December 31, 2021. The
change represents a decrease of approximately 49%.
- Research and
development expenses for the year ended December 31, 2022 increased
196% to $1.57 million compared to $0.53 million for the year ended
December 31, 2021. The increase in expense was primarily a result
of research and development activities returning to the levels of
pre-COVID-19 pandemic. The company anticipates these expenditures
to increase over the year of 2023 and beyond as it grows its
research and development efforts to advance certain projects that
were on hold during the COVID-19 pandemic.
- General and
administrative expenses for the year ended December 31, 2022 were
$2.5 million compared to $2.2 million for the year ended December
31, 2021, an increase of $0.3 million or 15%. The increase in
general and administrative expenses was primarily related to the
increase in operating expense as a public company, including
addition of accounting, legal, insurance, and audit related
expenses. General and administrative expenses will continue to
increase to support ongoing financial reporting and compliance
activities.
- We recognized
interest and dividend income for the year ended December 31, 2022
of $0.045 million compared with $0.036 million for the year ended
December 31, 2021. This primarily relates to dividend income earned
on the Company’s investment in equity securities. The Company
expects to see increases in interest income over the next twelve
months based on the current interest rates and market
conditions.
- We recognized
interest expense of $90,748 and $208,289 in the year ended December
31, 2022 and 2021, respectively, representing a decrease of
$117,541, or 56%. The decrease in interest expense was due to a
decrease in our outstanding indebtedness as a result of the
conversion of $2.1 million in notes to equity concurrently with the
consummation of our initial public offering on August 31,
2021.
- Net loss
attributable to common stockholders increased by $391,275, or 11%,
to $4,094,833 as compared to $3,703,558 for the year ended December
31, 2022. This increase in net loss is primarily attributable to
increased operating expenses as a public company and our
progressive return to research and development activities to levels
of pre-COVID-19 pandemic. This increase in operating expenses was
partially offset by the decrease in the interest expense and the
loss on extinguishment of the convertible notes in the year ended
December 31, 2021 in the amount of $934,257.
- Cash, cash
equivalents and investments, as of December 31, 2022, were $6.2
million.
- As of December 31, 2022, the Company
had 11,886,379 shares of common stock outstanding.
About True
Single Molecule
Sequencing (tSMS)
TechnologySeqLL’s collaborators are thoroughly
committed to using only our tSMS platform in their scientific
research due to its unique RNA and DNA sequencing and related
services. Our true single molecule sequencing platform is NGS
technology offers maximum flexibility and avoids many of the
challenges common for standard NGS approaches. It that enables
direct sequencing of millions of individual molecules not requiring
PCR amplification at any stage of the process and a simple,
economical sample prep protocols. Therefore, it captures a precise
sample composition, without bias and loss of diversity and rare
species. Our tSMS platform is ideally suited for RNA biomarker
discovery and diagnostic assay developments, including challenging
applications for the standard NGS platform, such as low quantity,
difficult or degraded samples of cell-free DNA, FFPE-isolated
nucleic acids, ancient DNA and forensic samples.
About SeqLL,
Inc.SeqLL Inc. (“SeqLL”) is a technology company
providing life sciences instrumentation and research services in
collaborative partnerships aimed at the development of novel
scientific assets and intellectual property across multiple “omics”
fields. The Company leverages its expertise with its True Single
Molecule Sequencing (“tSMS®”) platform to empower scientists and
researchers with improved genetic tools to better understand the
molecular mechanisms of disease that is essential to the continued
development of new breakthroughs in genomic medicine, and that
hopefully address the critical concerns involved with today’s
precision medicine. In sum, our experienced team works with our
collaborators to develop innovative solutions tailored to the needs
of each specific project.
Forward Looking
StatementsThis press release contains certain
forward-looking statements, including those related to the
applicability and viability of the Company’s technology to
quantifying RNA molecules from blood and other statements that are
predictive in nature. Forward-looking statements are based on the
Company's current expectations and assumptions. The Private
Securities Litigation Reform Act of 1995 provides a safe-harbor for
forward-looking statements. These statements may be identified by
the use of forward- looking expressions, including, but not limited
to, "expect," "anticipate," "intend," "plan," "believe,"
"estimate," "potential," "predict," "project," "should," "would"
and similar expressions and the negatives of those terms.
Prospective investors are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date of
this presentation. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements are set forth in the Company's filings
with the Securities and Exchange Commission, including its
registration statement on Form S-1, as amended, under the caption
"Risk Factors."
Contacts:
John W. Kennedy Tel: (914) 727-7764Email: jwkenned@seqll.com
SeqLL Inc.Consolidated
Balance Sheets
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,180,525 |
|
|
$ |
4,015,128 |
|
Marketable securities |
|
|
4,036,014 |
|
|
|
5,933,364 |
|
Accounts receivable, net of allowance for doubtful accounts of
$6,016 |
|
|
21,214 |
|
|
|
30,714 |
|
Other receivables |
|
|
60,000 |
|
|
|
34,965 |
|
Inventory |
|
|
165,852 |
|
|
|
224,155 |
|
Prepaid expenses |
|
|
171,859 |
|
|
|
186,056 |
|
Total current assets |
|
|
6,635,464 |
|
|
|
10,424,382 |
|
Other
assets |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
530,108 |
|
|
|
265,267 |
|
Operating lease right-of-use asset |
|
|
1,129,715 |
|
|
|
- |
|
Other assets |
|
|
118,954 |
|
|
|
50,488 |
|
Total
assets |
|
$ |
8,414,241 |
|
|
$ |
10,740,137 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
622,436 |
|
|
$ |
871,364 |
|
Accrued expenses |
|
|
495,462 |
|
|
|
311,405 |
|
Non-convertible promissory notes - current |
|
|
- |
|
|
|
1,375,000 |
|
Current portion of operating lease liability |
|
|
110,114 |
|
|
|
- |
|
Total current liabilities |
|
|
1,228,012 |
|
|
|
2,557,769 |
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Operating lease liability, less current portion |
|
|
1,444,343 |
|
|
|
- |
|
Non-convertible promissory notes - long-term |
|
|
1,375,000 |
|
|
|
- |
|
Total non-current liabilities |
|
|
2,819,343 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
4,047,355 |
|
|
|
2,557,769 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.00001 par value; 20,000,000 shares authorized;
0 shares issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.00001 par value; 80,000,000 shares authorized;
11,886,379 shares issued and outstanding |
|
|
119 |
|
|
|
119 |
|
Additional paid-in capital |
|
|
22,853,000 |
|
|
|
22,596,100 |
|
Accumulated deficit |
|
|
(18,508,684 |
) |
|
|
(14,413,851 |
) |
Accumulated other comprehensive income |
|
|
22,451 |
|
|
|
- |
|
Total stockholders’
equity |
|
|
4,366,886 |
|
|
|
8,182,368 |
|
Total liabilities and
stockholders’ equity |
|
$ |
8,414,241 |
|
|
$ |
10,740,137 |
|
|
|
SeqLL Inc.Consolidated
Statements of Operations and Comprehensive Loss
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
Sales |
|
$ |
1,177 |
|
|
$ |
48,021 |
|
Grant revenue |
|
|
77,482 |
|
|
|
161,974 |
|
Total revenue |
|
|
78,659 |
|
|
|
209,995 |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
690 |
|
|
|
57,690 |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
77,969 |
|
|
|
152,305 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
Research and development |
|
|
1,568,266 |
|
|
|
530,076 |
|
General and administrative |
|
|
2,506,851 |
|
|
|
2,170,857 |
|
Total operating expenses |
|
|
4,075,117 |
|
|
|
2,700,933 |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(3,997,148 |
) |
|
|
(2,548,628 |
) |
|
|
|
|
|
|
|
|
|
Other (income) and
expenses |
|
|
|
|
|
|
|
|
Interest and dividend income |
|
|
(44,879 |
) |
|
|
(36,463 |
) |
Other income |
|
|
- |
|
|
|
(190,193 |
) |
Unrealized (gain)/loss on marketable equity securities |
|
|
(54,508 |
) |
|
|
43,078 |
|
Realized loss on marketable equity securities |
|
|
106,324 |
|
|
|
- |
|
Change in fair value of convertible notes |
|
|
- |
|
|
|
195,962 |
|
Loss on extinguishment of convertible notes |
|
|
- |
|
|
|
934,257 |
|
Interest expense |
|
|
90,748.00 |
|
|
|
208,289 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(4,094,833 |
) |
|
|
(3,703,558 |
) |
Other comprehensive
income |
|
|
|
|
|
|
|
|
Unrealized gain on marketable debt securities |
|
|
22,451 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
$ |
(4,072,382 |
) |
|
$ |
(3,703,558 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.51 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
common shares - basic and diluted |
|
|
11,886,379 |
|
|
|
7,216,001 |
|
|
Source: SeqLL, Inc
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