Telesis Bio Reports Second Quarter 2023 Financial Results
August 10 2023 - 4:05PM
Telesis Bio Inc. (NASDAQ: TBIO), a leader in automated multi-omic
and synthetic biology solutions, today reported financial results
for the second quarter of 2023.
“We achieved important milestones this quarter toward our path
to profitability by delivering revenue growth again while expanding
gross margins and reducing operating expenses. In addition, we
raised capital during the quarter to provide us with additional
operating runway,” said Todd R. Nelson, PhD, CEO, and founder of
Telesis Bio.
Highlights
Strengthened balance sheet and board of directors:
- Closed a financing that brought in $28 million with the
possibility of obtaining an additional $46.2 million if investors
cash-exercise their warrants.
- Appointed Paul Meister, former Chairman of ThermoFisher
Scientific and a partner at Novalis LifeSciences LLC, to the
Company’s board of directors.
Successful on-time launch of three BioXp® kits:
- BioXp® Select DNA Cloning Kit enables on-demand and
automated assembly of DNA fragments via Gibson assembly® or
Golden Gate assembly cloning methods beginning from the customer’s
linear DNA to streamline and accelerate discovery workflows in mRNA
therapeutics, vaccines, and precision medicine.
- BioXp NGS Library Prep kit for Plasmid Sequencing provides
scientists on-demand and automated library preparation of plasmid
DNA for use in next-generation sequencing applications. For
customers who manufacture plasmid DNA for vaccine, gene therapy, or
other R&D applications, it is critical to confirm the quality
of the end product through DNA sequencing, but the commonly
employed sample preparation methods are time consuming and labor
intensive.
- BioXp De novo DNA Cloning Kit for assembly and cloning of long
DNA builds. This kit expands the total length of insert that can be
cloned on the instrument and introduces higher throughput 48, 72,
and 96 reactions per run for these longer inserts.
Delivered operational milestones, including:
- Successfully achieved collaboration milestones and advanced our
SOLA technology platform.
- Vertical integration of manufacturing to produce oligos
in-house with a commitment to substantially offset our existing
external supply by the end of 2023.
- Finalized operations necessary to enable in-house manufacturing
of our BioXp system in the third quarter.
The company’s expectation is that these insourcing efforts will
be substantially completed by year-end and that full financial
benefit will be realized in 2024.
Second Quarter 2023 Financial
Results
Revenue was $8.7 million for the second quarter 2023, a 53%
increase from $5.7 million for the same period in the prior year.
This growth was primarily driven by achievement of another
collaboration milestone and sales of BioXp systems.
Gross margins were 65.8% for the second quarter compared to 48%
for the same period in the prior year, driven by the completion of
a milestone under our agreement with Pfizer and reflecting a
positive mix shift in revenue from recently launched products
within our growing BioXp portfolio.
Operating expenses were approximately $13.7 million for the
second quarter 2023 compared to $17.2 million for the same period
in the prior year. This decrease is primarily a result of ongoing
cost-cutting decisions including a reduction in force during the
quarter to focus the team on our most profitable and near-term
opportunities. This is the fourth consecutive quarter the company
has successfully reduced or maintained its operating expenses while
growing revenue on a year-over-year basis.
Net loss was $8.3 million for the second quarter 2023, compared
to a loss of $14.8 million in the same period in the prior year.
Net loss per share was $0.28 for the second quarter of 2023,
compared to $0.50 for the corresponding prior year period.
Cash, cash equivalents, and investments were $47.5 million as of
June 30, 2023.
Webcast and Conference Call Information
Company management will host a conference call
today, Thursday, August 10, 2023, at 1:30 p.m. Pacific
Time / 4:30 p.m. Eastern Time to discuss the
financial results and other recent corporate highlights.
The press release and live audio webcast can be accessed via the
Investor section of Telesis Bio’s website at ir.telesisbio.com and
the conference call can be accessed live by pre-registering here:
https://register.vevent.com/register/BI5027491b111b49a6a5d05999b6cf5bb6.
Please log in approximately 5-10 minutes before the event to ensure
a timely connection. The archived webcast will remain available for
replay on our website for 30 days.
About Telesis BioTelesis Bio is empowering
scientists with the ability to create novel, synthetic
biology-enabled solutions for many of humanity’s greatest
challenges. As inventors of the industry-standard Gibson Assembly®
method and the first commercial automated benchtop DNA and mRNA
synthesis system, Telesis Bio is enabling rapid, accurate and
reproducible writing of DNA and mRNA for numerous downstream
markets. The award-winning BioXp® system consolidates, automates,
and optimizes the entire synthesis, cloning and amplification
workflow. As a result, it delivers virtually error-free synthesis
of DNA and RNA at scale within days and hours instead of weeks or
months. Scientists around the world are using the technology in
their own laboratories to accelerate the design-build-test paradigm
for novel, high-value products for precision medicine, biologics
drug discovery, vaccine and therapeutic development, genome
editing, and cell and gene therapy. Telesis Bio is a public company
based in San Diego. For more information, visit
www.telesisbio.com.
Telesis Bio, the Telesis Bio logo, Gibson Assembly, and BioXp
are trademarks of Telesis Bio Inc.
Forward-Looking Statements This press release
contains forward-looking statements. All statements other than
statements of historical facts contained herein are forward-looking
statements reflecting the current beliefs and expectations of
management made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
include statements and guidance regarding Telesis Bio’s future
financial performance as well as statements regarding the future
release and success of new and existing products and services. Such
statements are based on current assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties, many of which are
beyond our control, include risks described in the section entitled
Risk Factors and elsewhere in our Quarterly Report on Form 10-Q,
which was filed with the SEC on May 12, 2023. These forward-looking
statements speak only as of the date hereof and should not be
unduly relied upon. Telesis Bio disclaims any obligation to update
these forward-looking statements.
Contact:Jen CarrollVice President of Investor
Relationsjen.carroll@telesisbio.com
Telesis Bio Inc.Selected Statements of
Operations Financial Data(in thousands, except per
share amounts)(unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product sales |
$ |
2,670 |
|
|
$ |
2,337 |
|
|
$ |
5,671 |
|
|
$ |
4,760 |
|
|
Service revenue |
|
1,713 |
|
|
|
1,755 |
|
|
|
3,387 |
|
|
|
3,460 |
|
|
Collaboration revenue |
|
3,462 |
|
|
|
962 |
|
|
|
4,424 |
|
|
|
1,924 |
|
|
Royalties and other revenue |
|
807 |
|
|
|
601 |
|
|
|
1,486 |
|
|
|
1,147 |
|
|
Total revenue |
|
8,652 |
|
|
|
5,655 |
|
|
|
14,968 |
|
|
|
11,291 |
|
|
Cost of revenue |
|
2,959 |
|
|
|
2,943 |
|
|
|
5,764 |
|
|
|
5,801 |
|
| Gross Profit |
|
5,693 |
|
|
|
2,712 |
|
|
|
9,204 |
|
|
|
5,490 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
4,587 |
|
|
|
6,950 |
|
|
|
9,708 |
|
|
|
13,255 |
|
|
Sales and marketing |
|
3,360 |
|
|
|
4,688 |
|
|
|
7,167 |
|
|
|
8,225 |
|
|
General and administrative |
|
5,712 |
|
|
|
5,561 |
|
|
|
11,266 |
|
|
|
11,360 |
|
|
Total operating expenses |
|
13,659 |
|
|
|
17,199 |
|
|
|
28,141 |
|
|
|
32,840 |
|
| Loss from operations |
|
(7,966 |
) |
|
|
(14,487 |
) |
|
|
(18,937 |
) |
|
|
(27,350 |
) |
| Interest expense, net |
|
(333 |
) |
|
|
(299 |
) |
|
|
(582 |
) |
|
|
(635 |
) |
| Change in fair value of
derivative liabilities |
|
19 |
|
|
|
(27 |
) |
|
|
159 |
|
|
|
(4 |
) |
| Other expense, net |
|
(3 |
) |
|
|
(12 |
) |
|
|
(39 |
) |
|
|
(24 |
) |
| Provision for income
taxes |
|
(4 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
|
|
(12 |
) |
| Net loss |
$ |
(8,287 |
) |
|
$ |
(14,831 |
) |
|
$ |
(19,406 |
) |
|
$ |
(28,025 |
) |
| Less: redeemable convertible
preferred stock dividends |
|
(153 |
) |
|
|
— |
|
|
|
(153 |
) |
|
|
— |
|
| Net loss attributable to
common stockholders |
$ |
(8,440 |
) |
|
$ |
(14,831 |
) |
|
$ |
(19,559 |
) |
|
$ |
(28,025 |
) |
| Net loss per share, basic and
diluted |
$ |
(0.28 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.95 |
) |
| Weighted average common stock
outstanding—basic and diluted |
|
29,774,275 |
|
|
|
29,435,838 |
|
|
|
29,718,948 |
|
|
|
29,383,870 |
|
| |
Telesis Bio Inc.Selected Balance Sheet
Financial Data(in
thousands)(unaudited)
| |
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
| Balance Sheet
Data: |
|
|
|
|
|
|
Cash, restricted cash, cash equivalents and short-term
investments |
$ |
47,530 |
|
|
$ |
43,753 |
|
|
Working capital |
|
51,157 |
|
|
|
41,594 |
|
|
Total assets |
|
114,526 |
|
|
|
81,362 |
|
|
Total liabilities |
|
58,457 |
|
|
|
34,797 |
|
|
Redeemable convertible preferred stock |
|
28,153 |
|
|
|
— |
|
|
Accumulated deficit |
|
(133,147 |
) |
|
|
(113,741 |
) |
|
Total stockholders’ equity |
|
27,916 |
|
|
|
46,565 |
|
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