Core Insights - The study published in Nature Medicine highlights the significant effects of semaglutide on the circulating proteome, revealing new biological mechanisms and potential health benefits beyond obesity [2][3] - Standard BioTools' SomaScan platform played a crucial role in this research, demonstrating the power of advanced proteomic analysis in drug development and precision medicine [3][4] Company Insights - Standard BioTools Inc. is focused on providing next-generation technologies that enhance biomedical research, aiming to accelerate the development of effective therapies [7] - The SomaScan technology offers unique advantages, including reliable and reproducible results, which are critical for advancing precision medicine [4][6] Industry Insights - The rising global obesity rates have led to increased interest in therapies targeting obesity and its associated health risks, with GLP-1 drugs, including semaglutide, becoming a leading option in the pharmaceutical market [3][6] - The study's findings suggest that proteomics can facilitate the accelerated clinical development of novel drug indications, potentially transforming treatment approaches for various health conditions [6]

Core Viewpoint - Standard BioTools Inc. will present at the 43rd Annual J.P. Morgan Healthcare Conference, highlighting its role in advancing biomedical research and technologies [1][2]. Company Overview - Standard BioTools Inc. (NASDAQ: LAB), formerly known as Fluidigm Corporation, is a leading provider of next-generation technologies aimed at accelerating the development of medicines [3]. - The company offers proprietary technologies such as SomaScan, mass cytometry, and microfluidics, which provide reliable insights into health and disease [3]. - Standard BioTools collaborates with various sectors, including academic, government, pharmaceutical, and biotechnology, focusing on critical areas in translational and clinical research like oncology and immunology [3]. Event Details - The corporate presentation by Dr. Michael Egholm is scheduled for January 16, 2024, at 9:45 a.m. PT, with a live audio webcast available for investors [2]. - A recording of the presentation will be archived on the company's Investor Relations page [2].

Core Insights - Standard BioTools Inc. has appointed Alex Kim as Chief Financial Officer, effective November 11, 2024, bringing nearly 30 years of experience in financial and operational roles within the healthcare and life sciences sectors [1][2]. Company Overview - Standard BioTools Inc., previously known as Fluidigm Corporation, is a leading provider of next-generation technologies that assist biomedical researchers in developing medicines more efficiently. The company utilizes proprietary mass cytometry and microfluidics technologies to deliver reliable insights in health and disease [4]. Leadership and Experience - Alex Kim, co-founder of Standard BioTools, has a strong background in healthcare, having held significant positions at Milliken's Healthcare Division, Pall Corporation, and Danaher Corporation, where he completed over 40 transactions focused on healthcare and medical technology [2][3]. - Michael Egholm, President and CEO of Standard BioTools, expressed confidence in Kim's appointment, highlighting his deep understanding of the business and his role in shaping the company's strategic and financial plans [2]. Strategic Focus - Kim emphasized the company's commitment to operational excellence and achieving financial targets and long-term growth objectives, indicating a strong momentum moving forward [3].

Revenue Growth and Performance - Total revenue for Q3 2024 increased to $44.969 million, up from $25.367 million in Q3 2023, driven by growth in product and services revenue[10] - Product revenue for Q3 2024 reached $19.593 million, compared to $18.711 million in Q3 2023, reflecting steady growth[10] - Services revenue surged to $24.438 million in Q3 2024, a significant increase from $6.566 million in Q3 2023[10] - Revenue for the three months ended September 30, 2024 was $44.969 million, compared to $25.367 million in the same period in 2023, representing a 77.3% increase[56][58] - Product revenue for the three months ended September 30, 2024 was $19.593 million, with consumables contributing $14.007 million and instruments $5.586 million[58] - Service revenue for the three months ended September 30, 2024 was $24.438 million, driven by $18.247 million from lab services[58] - Revenue from the Americas region was $23.751 million for the three months ended September 30, 2024, representing 52.8% of total revenue[59] - Total revenue for the three months ended September 30, 2024, was $44.969 million, with Proteomics contributing $34.565 million and Genomics contributing $10.404 million[130] - Total revenue for the nine months ended September 30, 2024, was $127.714 million, with Proteomics contributing $98.954 million and Genomics contributing $28.760 million[130] Profitability and Losses - Gross profit for Q3 2024 improved to $23.261 million, up from $11.154 million in Q3 2023, indicating better cost management[10] - Net loss for Q3 2024 was $26.938 million, compared to a net loss of $20.997 million in Q3 2023[10] - Comprehensive loss for Q3 2024 was $26.847 million, slightly better than the $21.395 million loss in Q3 2023[12] - Net loss for the quarter ending September 30, 2024, is $(26,938)[14] - Net loss for the quarter ending September 30, 2023, is $(20,997)[15] - Net loss for the nine months ended September 30, 2024, was $104.8 million, compared to $54.9 million in the same period in 2023[17] - Net loss for the three months ended September 30, 2024 was $26.938 million, an improvement from the $41.204 million loss in the same period in 2023[56] - SomaLogic contributed $61.5 million in revenue and $30.6 million in loss for the period from January 6, 2024 to September 30, 2024[57] - Total loss from operations for the three months ended September 30, 2024, was $31.718 million, with Proteomics contributing a loss of $10.210 million and Genomics contributing a profit of $1.925 million[130] - Total loss from operations for the nine months ended September 30, 2024, was $142.419 million, with Proteomics contributing a loss of $48.485 million and Genomics contributing a profit of $2.681 million[130] - Net loss per share for the nine months ended September 30, 2024: $(0.44), compared to $(0.69) for the same period in 2023[123] Expenses and Investments - Research and development expenses increased to $13.156 million in Q3 2024, up from $6.370 million in Q3 2023, reflecting higher investment in innovation[10] - Selling, general, and administrative expenses rose to $34.403 million in Q3 2024, compared to $22.292 million in Q3 2023, due to expanded operations[10] - Transaction and integration expenses for Q3 2024 were $5.079 million, up from $1.666 million in Q3 2023, primarily due to merger-related costs[10] - Stock-based compensation expense for the quarter ending September 30, 2024, is $5,921[14] - Stock-based compensation expense for the quarter ending September 30, 2023, is $3,386[15] - Stock-based compensation expense for the nine months ended September 30, 2024: $24.3 million, compared to $9.6 million for the same period in 2023[120] - Stock-based compensation expense due to the acceleration of awards for certain SomaLogic executives in connection with the Merger: $6.2 million for the nine months ended September 30, 2024[114] - The Company recognized restructuring charges of $2.3 million and $12.4 million during the three and nine months ended September 30, 2024, respectively, related to a restructuring plan implemented after the Merger[131] - The Company's restructuring and related liabilities for the nine months ended September 30, 2024, included $9.522 million in severance and other employee-related benefits and $2.108 million in facility costs[132] - Income tax expense for the nine months ended September 30, 2024: $0.3 million, compared to $0.6 million for the same period in 2023[127] Merger and Integration - The company completed its merger with SomaLogic, Inc. in January 2024, which is expected to drive future growth and integration benefits[4] - Equity consideration transferred in connection with the Merger included 26,367 shares of common stock[16] - Cash and restricted cash acquired in the Merger was $280.0 million[17] - Equity consideration transferred in connection with the Merger was $444.2 million[17] - The Merger with SomaLogic resulted in a total consideration of $444.2 million, including $419.2 million in common stock and $26.9 million in replacement equity awards[45][46] - The Merger resulted in a bargain purchase gain of $25.2 million due to a rapid decline in the Company's common stock price post-announcement[49] - The Company reduced its workforce by approximately 10% of its total workforce as part of the Strategic Reorganization, with the majority of employees separating by July 2024[131] - Eli Casdin, a member of the Company's board of directors, may be deemed to have beneficially received 26,515,248 shares of common stock in the Merger, including shares issuable upon the vesting of RSUs and exercise of options and warrants[134] Cash Flow and Financial Position - Net cash used in operating activities for the nine months ended September 30, 2024, was $129.4 million, compared to $29.2 million in the same period in 2023[17] - Net cash provided by investing activities for the nine months ended September 30, 2024, was $337.4 million, compared to $33.4 million in the same period in 2023[17] - Net cash used in financing activities for the nine months ended September 30, 2024, was $48.1 million, compared to $5.8 million in the same period in 2023[17] - Cash, cash equivalents, and restricted cash at the end of the period were $211.9 million, compared to $80.5 million at the end of the same period in 2023[17] - Cash, cash equivalents and restricted cash totaled $211.938 million as of September 30, 2024, up from $52.499 million at December 31, 2023[73] - Total debt decreased from $63,513 thousand in December 2023 to $55,212 thousand in September 2024, primarily due to the repayment of the Term Loan Facility[86][88] - The company received $34.0 million from the NIH for COVID-19 test production capacity expansion, with $22.2 million used for capital expenditures in its Singapore facility[82] Assets and Liabilities - Total Stockholders' Equity (Deficit) as of September 30, 2024, is $489,333[14] - Accumulated Deficit as of September 30, 2024, is $(1,151,579)[14] - Total Stockholders' Equity (Deficit) as of September 30, 2023, is $(131,720)[15] - Accumulated Deficit as of September 30, 2023, is $(980,976)[15] - Trade receivables increased from $19,972 thousand in December 2023 to $35,337 thousand in September 2024, reflecting a growth of 76.9%[75] - Total inventory surged from $20,533 thousand in December 2023 to $60,593 thousand in September 2024, a 195.2% increase, driven by raw materials growth from $12,140 thousand to $49,953 thousand[76] - The company recorded charges for excess and obsolete inventory of $0.1 million for the three months ended September 30, 2024, compared to $0.4 million in the same period in 2023[77] - Property and equipment, net increased from $24,187 thousand in December 2023 to $41,982 thousand in September 2024, with laboratory and manufacturing equipment growing from $35,563 thousand to $59,785 thousand[78] - Accrued liabilities rose from $21,019 thousand in December 2023 to $31,686 thousand in September 2024, with accrued compensation and related benefits increasing from $12,052 thousand to $14,390 thousand[79] - The company has open purchase commitments totaling $16.2 million as of September 30, 2024[93] - Under the Illumina Agreement, the company has a minimum purchase commitment of $6.9 million over three years with IDT for contract manufacturing[94] - The company has entered into several license and patent agreements, paying annual fees and royalties based on net sales, but future payments are indeterminable and not expected to be material in any year[95] - The company settled litigation with former stockholders, repurchasing 1.84 million shares at $2.40 per share and paying $1.8 million in cash, recognizing a $0.6 million litigation loss[99] - As of September 30, 2024, the company's total assets measured at fair value were $340.91 million, including $185.23 million in cash equivalents and $155.68 million in short-term investments[101] - The fair value of warrant liabilities decreased by $474,000 to $432,000 as of September 30, 2024, using Level 3 inputs for valuation[104][105] - The company's available-for-sale securities had unrealized gains of $348,000 as of September 30, 2024, with no securities in an unrealized loss position for over 12 months[103] - Total common stock reserved for future issuance as of September 30, 2024: 40,228 thousand shares for options, 14,436 thousand shares for restricted stock, and 25,419 thousand shares available for future issuance[111] - Unrecognized stock-based compensation expense related to outstanding unvested RSUs as of September 30, 2024: $29.8 million, expected to be recognized over a weighted-average period of 3.1 years[115] - Aggregate unrecognized compensation costs related to outstanding unvested options as of September 30, 2024: $22.5 million, expected to be recognized over a weighted-average period of 2.6 years[117] - Balance of restricted stock units (RSUs) as of September 30, 2024: 14,436 thousand units, with a weighted-average fair value per unit of $2.24[115] - Balance of stock options as of September 30, 2024: 40,228 thousand options, with a weighted-average exercise price of $4.26 and a weighted-average remaining contractual life of 6.2 years[116] - Total intrinsic value of options exercised during the nine months ended September 30, 2024: $0.6 million[117] Revenue Recognition and Contracts - Revenue recognition is based on the transaction price, which reflects the consideration the Company expects to receive in exchange for products or services[31] - Product revenue is recognized at the point of control transfer, either at shipment or customer facility arrival, with invoices due in 30 to 60 days[34] - SomaScan® equipment bundle revenue is recognized over time based on progress toward performance obligations, using an input method of costs incurred[34] - Lab services revenue is recognized upon delivery of analysis data or reports, with SomaScan® services sold at a fixed price per sample without discounts[35] - Field services revenue is recognized over time using a time-elapsed measure, with invoices issued in advance and payments collected reported as deferred revenue[36] - Collaboration revenue is recognized as obligations are satisfied, with payments for R&D activities analogized to ASC 606[38] - License and royalty revenue is recognized when the license is transferred and the customer can benefit, with sales-based royalties recognized upon related sales[39] - Grant revenue is recognized when conditions are met and remaining performance obligations are perfunctory, not accounted for under ASC 606[40] - The Illumina Agreement has a total transaction price of $158.4 million, with $127.9 million in expected royalties from 2025 through 2032[62] - Deferred revenue as of September 30, 2024 was $46.118 million, with $30.012 million related to the Illumina Agreement[65] Depreciation and Amortization - The Company's total depreciation and amortization for the three months ended September 30, 2024, was $3.858 million, with Proteomics contributing $1.940 million and Genomics contributing $378 million[130] - The Company's total depreciation and amortization for the nine months ended September 30, 2024, was $12.908 million, with Proteomics contributing $7.193 million and Genomics contributing $1.125 million[130] - Future expected amortization expense of acquired intangible assets is $23.367 million, with $11.280 million expected after 2028[72] Legal and Compliance - The company may face additional costs and liabilities post-merger, including legal and compliance matters, which could impact its financial condition[100] - The company resolved fee disputes with all but two stockholders' counsel regarding demands for book and record inspections[99] Share Repurchase and Equity Transactions - The company repurchased 13.6 million shares of common stock for $36.1 million under the 2024 Share Repurchase Program[110] - The company exchanged Series B Preferred Stock for 92.93 million shares of common stock, resulting in a $46.0 million difference recognized in accumulated deficit[107][109] - The company filed a registration statement for the resale of 105.12 million shares of common stock, including shares from the Series B Preferred Stock exchange[108] Warrants and Liabilities - The Company assumed 5,519,991 Public Warrants and 5,013,333 Private Placement Warrants, now identical and classified as liabilities[41][42] - The fair value of warrant liabilities decreased by $474,000 to $432,000 as of September 30, 2024, using Level 3 inputs for valuation[104][105] Lease and Facility Costs - Lease costs for operating leases increased from $6,005 thousand for the nine months ended September 30, 2023, to $7,484 thousand for the same period in 2024[90]

Standard BioTools (LAB) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 37.50%. A quarter ago, it was expected that this company that makes equipment to control fluids would post a loss of $0.06 per share when it actually produced a loss of $0.08, delivering a surprise of -33.33%. Over the l ...

[Executive Summary & Recent Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Recent%20Highlights) [Recent Highlights](index=1&type=section&id=Recent%20Highlights) Standard BioTools reported Q3 2024 revenue of $45 million, demonstrating significant financial improvements year-over-year, including a 50% improvement in adjusted EBITDA and a 35% reduction in net loss, driven by ongoing merger cost synergy realization | Metric | Q3 2024 Performance | | :-------------------------------- | :------------------ | | Revenue | $45 million | | Adjusted EBITDA Improvement (YoY) | 50% | | Net Loss Improvement (YoY) | 35% | | Merger Synergies Operationalized | ~$80 million | | Cash, Cash Equivalents, Restricted Cash & Short-term Investments (as of Sep 30, 2024) | $368 million | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Michael Egholm highlighted the company's focus on commercial execution and operating efficiency, leading to sequential top-line improvement and reduced spending. He reiterated the company's path to adjusted EBITDA break-even in 2026, supported by accelerated merger synergies, and emphasized strategic investments in multi-omics and M&A for long-term growth - The company focused Q3 efforts on driving **commercial execution** and enhancing overall **operating efficiency**, resulting in **sequential top-line improvement** and a **significant reduction in spend**[2](index=2&type=chunk) - Anticipated **$80 million of merger synergies** are being accelerated into 2025, contributing to a **50% improvement in adjusted EBITDA** year over year, keeping the company on track toward achieving its **break-even adjusted EBITDA target in 2026**[2](index=2&type=chunk) - Standard BioTools is investing in growth levers within its leading **multi-omics portfolio** and actively pursuing **strategic M&A** to become a diversified leader in the life science tools industry[2](index=2&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Selected Unaudited Interim Financial Results (GAAP)](index=1&type=section&id=Selected%20Unaudited%20Interim%20Financial%20Results%20(GAAP)) The company reported GAAP financial results for Q3 and the nine months ended September 30, 2024, showing a net loss of $26.9 million for the quarter and $104.8 million for the nine-month period, alongside an adjusted EBITDA loss of $14.2 million for Q3 **Selected Unaudited Interim Financial Results (GAAP):** | Metric | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2024 | | :------------------------------------------ | :------------------------------ | :----------------------------- | | Revenue | $45.0 million | $127.7 million | | Gross margin | 51.7 % | 48.8 % | | Non-GAAP gross margin | 56.9 % | 53.2 % | | Operating expenses | $55.0 million | $204.8 million | | Non-GAAP operating expenses | $39.8 million | $137.2 million | | Operating loss | $(31.7) million | $(142.4) million | | Net loss | $(26.9) million | $(104.8) million | | Adjusted EBITDA | $(14.2) million | $(69.2) million | | Cash, cash equivalents, restricted cash, and short-term investments | $367.6 million | $367.6 million | [Selected Pro Forma Combined Unaudited Interim Financial Results](index=1&type=section&id=Selected%20Pro%20Forma%20Combined%20Unaudited%20Interim%20Financial%20Results) Pro forma results, combining Standard BioTools and SomaLogic, indicate a 5% year-over-year revenue decrease for Q3 2024, but significant improvements in gross margins, operating expenses, net loss, and adjusted EBITDA compared to the prior year's pro forma figures, driven by merger synergies and efficiency gains **Selected Pro Forma Combined Unaudited Interim Financial Results:** | Metric | Three Months Ended Sep 30, 2024 | Pro Forma Three Months Ended Sep 30, 2023 | Combined Nine Months Ended Sep 30, 2024 | Pro Forma Nine Months Ended Sep 30, 2023 | | :------------------------------------------ | :------------------------------ | :---------------------------------------- | :-------------------------------------- | :--------------------------------------- | | Revenue | $45.0 million | $47.4 million | $128.4 million | $141.0 million | | Gross margin | 51.7 % | 42.5 % | 47.5 % | 43.9 % | | Non-GAAP gross margin | 56.9 % | 51.7 % | 53.3 % | 52.2 % | | Operating expenses | $55.0 million | $67.4 million | $208.1 million | $214.7 million | | Non-GAAP operating expenses | $39.8 million | $52.7 million | $137.2 million | $175.7 million | | Operating loss | $(31.7) million | $(47.3) million | $(147.2) million | $(152.8) million | | Net loss | $(26.9) million | $(41.2) million | $(134.6) million | $(109.0) million | | Adjusted EBITDA | $(14.2) million | $(28.2) million | $(68.9) million | $(102.0) million | [Revenue Breakdown](index=2&type=section&id=Revenue%20Breakdown) Q3 2024 revenue was $45.0 million, a 5% year-over-year decrease. Consumables revenue grew 13% YoY to $14.0 million, driven by assay kits sales, while Instruments revenue declined 42% YoY to $5.6 million due to capital-constrained end-markets, particularly in China. Services revenue remained flat at $24.4 million, benefiting from favorable timing of large customer projects | Revenue Type | Q3 2024 Revenue | YoY Change | | :------------- | :-------------- | :--------- | | Total Revenue | $45.0 million | -5% | | Consumables | $14.0 million | +13% | | Instruments | $5.6 million | -42% | | Services | $24.4 million | Flat | - **Consumables revenue growth** was driven by assay kits sales to SomaScan authorized sites and the Illumina early access program[5](index=5&type=chunk) - **Instrument revenue was impacted** by capital-constrained end-markets globally, with particular **weakness in China**[5](index=5&type=chunk) [Gross Margins](index=2&type=section&id=Gross%20Margins) Gross margins improved significantly in Q3 2024, reaching 51.7% (GAAP) and 56.9% (non-GAAP), up from 42.5% and 51.7% respectively in Q3 2023, primarily due to a positive product mix and continued efficiency gains from the Standard BioTools Business System (SBS) | Metric | Q3 2024 | Q3 2023 | | :------------------ | :------ | :------ | | GAAP Gross Margin | 51.7% | 42.5% | | Non-GAAP Gross Margin | 56.9% | 51.7% | - Gross margins were **positively impacted** by a favorable mix in the third quarter and continued incremental **efficiency gains from SBS**[5](index=5&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Operating expenses decreased by $12.5 million (18.5%) to $55 million in Q3 2024 compared to Q3 2023. Non-GAAP operating expenses, excluding merger-related costs, stock-based compensation, and restructuring charges, fell by $12.8 million (24%) to $39.8 million, reflecting ongoing merger cost synergies, a bonus accrual reduction, and productivity gains from SBS | Metric | Q3 2024 | Q3 2023 | Change | | :-------------------------- | :-------------- | :-------------- | :----- | | Operating Expenses | $55.0 million | $67.4 million | -$12.5 million (-18.5%) | | Non-GAAP Operating Expenses | $39.8 million | $52.7 million | -$12.8 million (-24%) | - The decrease in operating expenses is a result of ongoing realization of **merger cost synergies**, a **bonus accrual reduction** in line with full year expectations, and continued **productivity gains from SBS**[5](index=5&type=chunk) [Net Loss and Adjusted EBITDA](index=2&type=section&id=Net%20Loss%20and%20Adjusted%20EBITDA) Net loss for Q3 2024 improved by $14.3 million (34.6%) to $26.9 million, compared to $41.2 million in Q3 2023. Adjusted EBITDA loss also improved by $14 million (49.6%) to $14.2 million, from $28.2 million in the prior year, demonstrating significant progress towards profitability | Metric | Q3 2024 | Q3 2023 | Improvement | | :-------------- | :-------------- | :-------------- | :---------- | | Net Loss | $(26.9) million | $(41.2) million | $14.3 million (34.6%) | | Adjusted EBITDA | $(14.2) million | $(28.2) million | $14.0 million (49.6%) | [Financial Outlook](index=2&type=section&id=Financial%20Outlook) [FY 2024 Revenue Outlook](index=2&type=section&id=FY%202024%20Revenue%20Outlook) Standard BioTools has reiterated its full year 2024 revenue guidance, projecting a range of $170 million to $175 million | Metric | FY 2024 Revenue Guidance | | :------------- | :----------------------- | | Revenue Range | $170 million to $175 million | [Additional Information](index=3&type=section&id=Additional%20Information) [Earnings Conference Call Information](index=3&type=section&id=Earnings%20Conference%20Call%20Information) Standard BioTools hosted a conference call and webcast on October 30, 2024, to discuss its third quarter 2024 financial results, with live audio and an archived version available online - A conference call and webcast were held on October 30, 2024, at 1:30 p.m. PT (4:30 p.m. ET) to discuss Q3 2024 financial results[7](index=7&type=chunk) - Live audio and an archived version of the webcast are available on the Company's website under the Events & Presentations page[7](index=7&type=chunk) [Use of Non-GAAP Financial Information](index=3&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) The company presents non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating expenses, and adjusted EBITDA, to supplement GAAP results. Management uses these measures to assess core operating performance, compare against forecasts, and benchmark competitors, excluding items not indicative of core operations - Non-GAAP financial measures presented include **non-GAAP gross margin**, **non-GAAP operating expenses**, and **adjusted EBITDA**[8](index=8&type=chunk) - Management uses non-GAAP measures to assess **core operating performance**, compare against forecasts and strategic plans, and benchmark against competitors, by excluding certain non-cash and other expenses[8](index=8&type=chunk) [Unaudited Pro Forma Results Explanation](index=3&type=section&id=Unaudited%20Pro%20Forma%20Results%20Explanation) The unaudited pro forma financial information combines the results of Standard BioTools and SomaLogic, adjusted for merger-related impacts such as bargain purchase gain, transaction costs, amortization of acquired intangible assets, stock-based compensation, and depreciation. These pro forma results are for informational purposes and do not necessarily reflect actual past or future performance - Pro forma financial information combines results of Standard BioTools and SomaLogic, adjusted for **nonrecurring merger impacts** like bargain purchase gain and transaction costs[9](index=9&type=chunk) - Adjustments also include **business combination accounting effects** such as additional amortization expense from acquired intangible assets, adjustments to stock-based compensation, and additional depreciation expense[10](index=10&type=chunk) - The unaudited pro forma financial information is **for informational purposes only** and not necessarily indicative of actual results if the acquisitions had taken place on January 1, 2023[10](index=10&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future financial performance, operational plans, market opportunities, and merger benefits. These statements are subject to numerous risks and uncertainties, including integration challenges, higher-than-expected costs, market conditions, and competition, which could cause actual results to differ materially - Statements regarding future financial and business performance, operational and strategic plans, market opportunity, and realization of merger benefits are **forward-looking**[11](index=11&type=chunk) - **Risks** include potential delays in realizing merger benefits, higher-than-expected costs, integration disruptions, challenges in new product development, supply chain issues, and market pressures[12](index=12&type=chunk) [About Standard BioTools Inc.](index=4&type=section&id=About%20Standard%20BioTools%20Inc.) Standard BioTools Inc. (formerly Fluidigm Corporation), parent company of SomaLogic Inc., provides essential next-generation technologies for biomedical research. The company leverages proprietary mass cytometry and microfluidics to offer insights in health and disease, collaborating with global academic, government, and pharmaceutical laboratories in areas like oncology and immunology - **Standard BioTools Inc.** (Nasdaq: LAB), formerly Fluidigm Corporation, is the parent company of **SomaLogic Inc.**, offering essential, standardized next-generation technologies for biomedical research[13](index=13&type=chunk) - The company provides reliable insights using proprietary **mass cytometry** and **microfluidics technologies**, focusing on translational and clinical research needs in oncology, immunology, and immunotherapy[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The Condensed Consolidated Statements of Operations detail the company's revenues, costs, and expenses for the three and nine months ended September 30, 2024 and 2023, showing total revenue of $44.97 million for Q3 2024 and a net loss of $26.94 million **Condensed Consolidated Statements of Operations (in thousands):** | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :------------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total revenue | $44,969 | $25,367 | $127,714 | $78,152 | | Gross profit | $23,261 | $11,154 | $62,357 | $37,093 | | Total operating expenses | $54,979 | $32,326 | $204,776 | $92,307 | | Loss from operations | $(31,718) | $(21,172) | $(142,419) | $(55,214) | | Net loss | $(26,938) | $(20,997) | $(104,813) | $(54,880) | | Net loss per share, basic and diluted | $(0.07) | $(0.27) | $(0.44) | $(0.69) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The Condensed Consolidated Balance Sheets as of September 30, 2024, show total assets of $681.54 million, a significant increase from $323.07 million at December 31, 2023, primarily driven by increases in cash, short-term investments, and assets acquired through the merger. Total liabilities also increased to $192.21 million **Condensed Consolidated Balance Sheets (in thousands):** | Metric | September 30, 2024 | December 31, 2023 | | :------------------------------------------ | :------------------- | :------------------ | | Cash and cash equivalents | $210,647 | $51,704 | | Short-term investments | $155,683 | $63,191 | | Total current assets | $453,607 | $158,215 | | Total assets | $681,539 | $323,067 | | Total current liabilities | $120,615 | $109,327 | | Total liabilities | $192,206 | $159,865 | | Total stockholders' equity (deficit) | $489,333 | $(148,051) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash used in operating activities was $(129.40) million. Investing activities provided $337.45 million, largely due to cash acquired in the merger and proceeds from investments. Financing activities used $(48.10) million, resulting in a net increase in cash, cash equivalents, and restricted cash of $159.44 million **Condensed Consolidated Statements of Cash Flows (in thousands):** | Activity | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(129,395) | $(29,226) | | Net cash provided by investing activities | $337,448 | $33,354 | | Net cash used in financing activities | $(48,096) | $(5,806) | | Net increase in cash, cash equivalents and restricted cash | $159,439 | $(1,874) | | Cash, cash equivalents and restricted cash at end of period | $211,938 | $80,450 | - Cash and restricted cash acquired in the merger contributed **$280.03 million** to investing activities[18](index=18&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Information](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Information) [Revenue and Non-GAAP Pro Forma Combined Revenue](index=8&type=section&id=Revenue%20and%20Non-GAAP%20Pro%20Forma%20Combined%20Revenue) This section provides a detailed breakdown of revenue by product, service, and collaboration for both GAAP and Non-GAAP Pro Forma Combined figures. For Q3 2024, GAAP total revenue was $44.97 million, while the Pro Forma total revenue was $44.97 million, compared to $47.42 million in Q3 2023 Pro Forma **Revenue (in thousands):** | Revenue Type | Three Months Ended Sep 30, 2024 (GAAP) | Three Months Ended Sep 30, 2023 (GAAP) | Three Months Ended Sep 30, 2024 (Pro Forma) | Three Months Ended Sep 30, 2023 (Pro Forma) | | :-------------------------- | :------------------------------------- | :------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Instruments | $5,586 | $9,002 | $5,586 | $9,712 | | Consumables | $14,007 | $9,709 | $14,007 | $12,417 | | Lab services | $18,247 | $114 | $18,247 | $17,980 | | Field services | $6,191 | $6,452 | $6,191 | $6,452 | | Collaboration and other revenue | $938 | $90 | $938 | $854 | | **Total Revenue** | **$44,969** | **$25,367** | **$44,969** | **$47,415** | [Reconciliation of GAAP to Non-GAAP Gross Profit and Margin Percentage](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Gross%20Profit%20and%20Margin%20Percentage) This section reconciles GAAP gross profit and margin to non-GAAP figures by adjusting for amortization of acquired intangible assets, depreciation, amortization, stock-based compensation expense, and cost of sales adjustments. For Q3 2024, GAAP gross margin was 51.7%, while non-GAAP gross margin was 56.9% **Reconciliation of Gross Profit and Margin Percentage (in thousands):** | Metric | Three Months Ended Sep 30, 2024 (GAAP) | Three Months Ended Sep 30, 2023 (GAAP) | Three Months Ended Sep 30, 2024 (Pro Forma) | Three Months Ended Sep 30, 2023 (Pro Forma) | | :------------------------------------------ | :------------------------------------- | :------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Gross profit | $23,261 | $11,154 | $23,261 | $20,138 | | Amortization of acquired intangible assets | $555 | $2,800 | $555 | $3,355 | | Depreciation and amortization | $1,445 | $333 | $1,445 | $760 | | Stock-based compensation expense | $364 | $188 | $364 | $260 | | **Non-GAAP gross profit** | **$25,625** | **$14,475** | **$25,625** | **$24,513** | | **Gross margin percentage** | **51.7%** | **44.0%** | **51.7%** | **42.5%** | | **Non-GAAP gross margin percentage** | **56.9%** | **57.0%** | **56.9%** | **51.7%** | [Reconciliation of GAAP to Non-GAAP Operating Expenses](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Operating%20Expenses) This section reconciles GAAP operating expenses to non-GAAP operating expenses by excluding restructuring and related charges, transaction and integration expenses, stock-based compensation, amortization of acquired intangible assets, depreciation, and gain/loss on disposal of property and equipment. For Q3 2024, GAAP operating expenses were $54.98 million, while non-GAAP operating expenses were $39.83 million **Reconciliation of Operating Expenses (in thousands):** | Metric | Three Months Ended Sep 30, 2024 (GAAP) | Three Months Ended Sep 30, 2023 (GAAP) | Three Months Ended Sep 30, 2024 (Pro Forma) | Three Months Ended Sep 30, 2023 (Pro Forma) | | :------------------------------------------ | :------------------------------------- | :------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Operating expenses | $54,979 | $32,326 | $54,979 | $67,431 | | Restructuring and related charges | $(2,341) | $(1,998) | $(2,341) | $(1,998) | | Transaction and integration expenses | $(5,079) | $(1,666) | $(5,079) | $(5,823) | | Stock-based compensation expense | $(5,557) | $(3,198) | $(5,557) | $(4,668) | | Amortization of acquired intangible assets | $(161) | - | $(161) | $(161) | | Depreciation and amortization | $(1,986) | $(853) | $(1,986) | $(2,110) | | **Non-GAAP operating expenses** | **$39,825** | **$24,611** | **$39,825** | **$52,671** | [Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20GAAP%20Net%20Loss%20to%20Non-GAAP%20Adjusted%20EBITDA) This section reconciles GAAP net loss to non-GAAP adjusted EBITDA by adding back income tax expense, interest income (net), amortization, depreciation, restructuring and related charges, transaction and integration expenses, stock-based compensation, and other non-operating items. For Q3 2024, GAAP net loss was $(26.94) million, while adjusted EBITDA was $(14.20) million **Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA (in thousands):** | Metric | Three Months Ended Sep 30, 2024 (GAAP) | Three Months Ended Sep 30, 2023 (GAAP) | Three Months Ended Sep 30, 2024 (Pro Forma) | Three Months Ended Sep 30, 2023 (Pro Forma) | | :------------------------------------------ | :------------------------------------- | :------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Net loss | $(26,938) | $(20,997) | $(26,938) | $(41,204) | | Income tax expense (benefit) | $118 | $50 | $118 | $528 | | Interest income, net | $(3,941) | $(340) | $(3,941) | $(6,447) | | Amortization of acquired intangible assets | $716 | $2,800 | $716 | $3,516 | | Depreciation and amortization | $3,431 | $1,186 | $3,431 | $2,870 | | Restructuring and related charges | $2,341 | $1,998 | $2,341 | $1,998 | | Transaction and integration expenses | $5,079 | $1,666 | $5,079 | $5,823 | | Stock-based compensation expense | $5,921 | $3,386 | $5,921 | $4,928 | | **Adjusted EBITDA** | **$(14,200)** | **$(10,136)** | **$(14,200)** | **$(28,158)** |

SOUTH SAN FRANCISCO, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the "Company") today announced unaudited interim financial results for the third quarter ended September 30, 2024. Recent Highlights: Reported third quarter 2024 revenue of $45 million Ongoing merger cost synergy realization delivered 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year Operationalized approximately $80 million in merger synergies, expected to be fully realized in 2025 ...

SOUTH SAN FRANCISCO, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) today announced that it will report third quarter 2024 financial results on Wednesday, October 30, 2024, after the close of the market. The Company's management will host a conference call and webcast at 1:30 p.m. PT, 4:30 p.m. ET, on October 30, 2024, to discuss third quarter 2024 financial results and operational progress. A press release including the financial results will be publicly distributed before t ...

The Dow Jones index closed higher by around 0.2% on Monday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision. Below is a look at a few recent notable insider transactions for penny stocks. For more, check out Benzinga's insider transactions platform. MariaDB The Trade: MariaDB plc MRDB 10% owner Investment Management, LLC b ...

Cash and Cash Equivalents - Cash and cash equivalents increased to $269.8 million as of June 30, 2024, compared to $51.7 million as of December 31, 2023[10] - Total cash, cash equivalents, and restricted cash stood at $271.1 million as of June 30, 2024, with $269.8 million in cash and cash equivalents and $1.3 million in restricted cash[64] Total Current Assets - Total current assets rose to $480.0 million as of June 30, 2024, up from $158.2 million as of December 31, 2023[10] Accounts Receivable - Accounts receivable, net increased to $32.4 million as of June 30, 2024, compared to $19.7 million as of December 31, 2023[10] - Accounts receivable, net, amounted to $32.4 million as of June 30, 2024, with trade receivables at $28.1 million and royalty receivable at $4.8 million[65] Inventory - Inventory grew to $42.6 million as of June 30, 2024, up from $20.5 million as of December 31, 2023[10] - Inventory totaled $58.9 million as of June 30, 2024, with raw materials at $49.3 million, work-in-process at $0.6 million, and finished goods at $9.0 million[66] Total Liabilities - Total liabilities increased to $198.5 million as of June 30, 2024, compared to $159.9 million as of December 31, 2023[10] Stockholders' Equity - Stockholders' equity improved to $510.3 million as of June 30, 2024, from a deficit of $148.1 million as of December 31, 2023[10] - Total stockholders' equity (deficit) as of June 30, 2024, stood at $510.261 million[14] - Total stockholders' equity (deficit) as of June 30, 2023, was $(113.387) million[15] Additional Paid-in Capital - Additional paid-in capital surged to $1,682.5 million as of June 30, 2024, up from $860.8 million as of December 31, 2023[10] Accumulated Deficit - Accumulated deficit increased to $1,124.6 million as of June 30, 2024, compared to $1,000.8 million as of December 31, 2023[10] Deferred Revenue - Deferred revenue, non-current rose to $33.4 million as of June 30, 2024, up from $3.5 million as of December 31, 2023[10] - Deferred revenue at June 30, 2024, totaled $48.5 million, with $2.3 million from NEC, $30.0 million from Illumina, and $16.2 million from other sources[59] Acquired Intangible Assets - Acquired intangible assets, net increased to $24.1 million as of June 30, 2024, compared to $1.4 million as of December 31, 2023[10] - Acquired intangible assets, net, amounted to $24.1 million as of June 30, 2024, with developed technology accounting for $18.9 million of the total[62] - Future expected amortization expense of acquired intangible assets is projected to be $24.1 million, with $1.4 million in the remainder of 2024 and $11.3 million thereafter[63] Revenue - Total revenue for Q2 2024 increased to $37.205 million, up 34.5% from $27.666 million in Q2 2023[11] - Services revenue surged to $14.053 million in Q2 2024, a 141.5% increase from $5.821 million in Q2 2023[11] - Revenue for Q2 2024 was $37.2 million, a 34.5% increase from $27.7 million in Q2 2023, driven by growth in product and service revenue[53] - Product revenue for Q2 2024 was $22.2 million, with SomaScan® assay kits contributing $6.3 million, while service revenue reached $14.1 million, primarily from assay services[53] - Geographic revenue breakdown for Q2 2024: Americas $19.8 million, EMEA $10.5 million, and Asia-Pacific $6.8 million, showing significant growth in the Americas region[53] - Total revenue for the six months ended June 30, 2024, was $82.7 million, with Proteomics contributing $64.4 million and Genomics contributing $18.4 million[110] Net Loss - Net loss for Q2 2024 widened to $45.718 million, compared to $17.040 million in Q2 2023[11] - Comprehensive loss for Q2 2024 was $45.426 million, compared to $17.263 million in Q2 2023[13] - Net loss for the six months ended June 30, 2024, was $77.875 million, compared to $33.883 million for the same period in 2023[16] - Net loss per share for the six months ended June 30, 2024, was $(0.37), compared to $(0.43) in the same period in 2023[103] Research and Development Expenses - Research and development expenses rose to $19.222 million in Q2 2024, a 210.9% increase from $6.184 million in Q2 2023[11] Stock-Based Compensation - Stock-based compensation expense for Q2 2024 was $6.730 million[14] - Stock-based compensation expense for the six months ended June 30, 2024, was $18.341 million, compared to $6.262 million for the same period in 2023[16] - Stock-based compensation expense for the six months ended June 30, 2024, was $6.2 million due to the acceleration of awards for certain SomaLogic executives[97] - Stock-based compensation expense for the six months ended June 30, 2024, totaled $18.3 million, a significant increase from $6.3 million in the same period in 2023[101] Repurchase of Common Stock - Repurchase of common stock in Q2 2024 amounted to $29.439 million[14] - Repurchase of common stock for the six months ended June 30, 2024, amounted to $40.490 million, compared to $4.841 million for the same period in 2023[16] - The company repurchased 13,603,617 shares of common stock for $36.1 million under the 2024 Share Repurchase Program[94] - The company repurchased 15,448,533 shares of common stock during the six months ended June 30, 2024, compared to 2,458,684 shares in the same period in 2023[105] Merger and Acquisition - The Company completed the merger with SomaLogic on January 5, 2024, exchanging each share of SomaLogic common stock for 1.11 shares of the Company's common stock[18] - Merger consideration included 26,367 shares of common stock issued to a related party[14] - Cash and restricted cash acquired in the Merger amounted to $280.033 million[16] - The merger consideration totaled approximately $444.2 million, including $419.2 million in fair value of common stock issued and $26.9 million in replacement equity awards[42] - Total consideration for the SomaLogic merger was $444.2 million, with total assets acquired valued at $533.3 million and liabilities assumed at $63.9 million, resulting in a bargain purchase gain of $25.2 million[44] - SomaLogic contributed $38.6 million in revenue and a $29.0 million loss for the period from January 6, 2024, to June 30, 2024, and $14.7 million in revenue with a $13.7 million loss for Q2 2024[52] Fair Value Measurements - Fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs requiring significant judgment)[24] - Total assets measured at fair value as of June 30, 2024 were $158.607 million, including $33.705 million in money market funds and $124.902 million in U.S. treasury securities[87] - Total assets measured at fair value as of December 31, 2023 were $98.576 million, including $35.385 million in money market funds and $63.191 million in U.S. treasury securities[88] - Total available-for-sale securities as of June 30, 2024, amounted to $158.654 million, with unrealized losses of $47 thousand[89] - The fair value of warrant liabilities decreased from $906 thousand to $453 thousand as of June 30, 2024[90] - Warrant liabilities were valued using a binomial lattice model with a volatility of 70.2% and a risk-free rate of 4.62% as of June 30, 2024[91] Restructuring and Related Charges - Restructuring and related charges include employee separation costs, contract termination costs, and other costs associated with implementing restructuring plans[22] - Restructuring charges for the six months ended June 30, 2024, amounted to $10.0 million, primarily due to workforce reduction and integration costs[112] - The company reduced its workforce by approximately 10% as part of a strategic reorganization aimed at reducing operating costs and focusing on long-term growth opportunities[112] - Total restructuring and related charges for the three months ended June 30, 2024, were $5,749 thousand, compared to $2,267 thousand in the same period in 2023[114] - Corporate expenses for restructuring were $5,749 thousand in Q2 2024, up from $1,829 thousand in Q2 2023[114] - Total restructuring and related charges for the six months ended June 30, 2024, were $10,033 thousand, compared to $3,417 thousand in the same period in 2023[114] Property and Equipment - Property and equipment, net, amounted to $42.6 million as of June 30, 2024, with laboratory and manufacturing equipment accounting for $58.7 million of the gross value[68] Accrued Liabilities - Accrued liabilities totaled $31.9 million as of June 30, 2024, with accrued compensation and related benefits at $14.0 million and accrued restructuring at $3.7 million[69] Lease Obligations - Total lease cost for six months ended June 30, 2024 was $5.539 million, including $5.098 million in operating lease costs and $2.593 million in variable lease costs[77] - Undiscounted lease payment maturities total $48.226 million, with present value of future minimum lease payments at $35.468 million[78] - Weighted average remaining lease term is 5.3 years with a weighted average discount rate of 11.9%[79] Open Commitments - Open commitments totaled $18.5 million as of June 30, 2024, including $6.9 million related to the Illumina Agreement[80] Litigation Settlement - Company settled litigation with former SomaLogic stockholders for $6.2 million, including repurchase of 1.84 million shares at $2.40 per share[85] Stock Issuance and Repurchase - The company exchanged 255,559 shares of Series B Preferred Stock for 92,930,553 shares of common stock, resulting in a $46.0 million difference recognized in accumulated deficit[92][93] - As of June 30, 2024, the company had reserved 42,306 thousand shares of common stock for future issuance under equity compensation plans[95] - The total intrinsic value of options exercised during the six months ended June 30, 2024, was $0.3 million[99] - Aggregate unrecognized compensation costs related to outstanding unvested options were $27.2 million as of June 30, 2024[99] - Performance-based restricted stock units (PSUs) granted in July 2023 vested in April 2024, with 309,000 units at a weighted-average fair value of $2.42 per unit[100] Income Tax - The company recorded income tax expense of $0.2 million for the six months ended June 30, 2024, a decrease from $0.6 million in the same period in 2023[106] - The company's effective tax rate differs from the 21% U.S. Federal statutory rate due to valuation allowances against deferred tax assets and tax rate differences between the U.S. and foreign countries[107] Depreciation and Amortization - Depreciation and amortization expenses for the six months ended June 30, 2024, totaled $9.1 million, with Proteomics accounting for $5.3 million and Genomics for $747,000[111] Warrant Liabilities - The company assumed warrant liabilities totaling 5,519,991 Public Warrants and 5,013,333 Private Placement Warrants, classified as liabilities on the balance sheet[37] Licensing Agreements - The Illumina Agreement includes a $30.5 million transaction price and $124.5 million in minimum guaranteed royalties, with $30.4 million allocated to a material right for SOMAmer reagent purchases[54][55] - The adjusted transaction price for the Illumina Agreement is $158.4 million, with $127.9 million in expected royalties from 2025 to 2032[56] - The NEC joint development agreement includes $2.3 million in deferred revenue, expected to be fully recognized by March 31, 2025[57] - The New England Biolabs licensing agreement guarantees $8.9 million in fixed minimum royalties through September 2025, with $8.2 million in royalties receivable as of June 30, 2024[58] - Expected revenue from unfulfilled performance obligations is $20.6 million, with $8.1 million expected in the remainder of 2024, $7.7 million in 2025, $3.3 million in 2026, and $1.5 million thereafter[60] Business Combinations - Business combinations are accounted for using the acquisition method, with identifiable assets and liabilities measured at fair value, and any excess purchase price recognized as goodwill[25] Software Development Costs - Software development costs for internal-use software are capitalized during the application development stages and amortized over the estimated useful life, typically three years[26] - Capitalized software costs for products to be sold are amortized over three years using the straight-line method, with ongoing assessments of recoverability based on anticipated future revenues[28] Revenue Recognition - Revenue is recognized when control of goods or services is transferred to the customer, with transaction price allocated based on relative standalone selling prices (SSP)[29] - Product revenue is recognized at the point of shipment or arrival at the customer's facility, with no unilateral right of return for customers[31] - Service revenue from SomaScan® assays is recognized when the analysis data or report is delivered to the customer, with no volume discounts or refunds[32] - Collaboration revenue is recognized as the company satisfies its obligations, with payments for research and development activities analogized to ASC 606[34] Shareholder Transactions - Eli Casdin received 3,807 shares of common stock, 3,807 restricted stock units, and 144,088 options in connection with the Merger[115] - Casdin Partners Master Fund, L.P. and Casdin Private Growth Equity Fund, L.P. received 11,246,525 and 2,744,219 shares of common stock, respectively, in the Merger[115] - CMLS Holdings II LLC received 7,548,000 shares of common stock and warrants to receive 4,824,802 shares upon exercise in the Merger[115] - Eli Casdin may be deemed to have beneficially received 26,515,248 shares of common stock in the Merger, including shares issuable upon vesting of RSUs and exercise of options and warrants[116] - On March 18, 2024, Casdin and its affiliates converted Series B-1 Preferred Stock into 46,465,458 shares of the Company's common stock[116]