T2 Biosystems, Inc. (NASDAQ:TTOO) Q3 2021 Results Earnings Conference Call November 4, 2021 4:30 PM ET Company Participants Philip Taylor - Investor Relations. John Sperzel - Chairman & CEO John Sprague - CFO Conference Call Participants Operator Good afternoon, and welcome to the T2 Biosystems Third Quarter 2021 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to, Philip Taylor, Investor Relations. Please go ahead. Ph ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36571 T2 Biosystems, Inc. (Exact name of registrant as specified in its charter) Delaware 20-4827488 (State or other jurisd ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited financial statements for T2 Biosystems, Inc. as of June 30, 2021, report a net loss of $23.1 million, total assets of $78.9 million, and liabilities of $69.9 million, with significant going concern doubt [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets were $78.9 million, total liabilities $69.9 million, and stockholders' equity $9.0 million, with increased cash and notes payable Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $32,708 | $16,793 | | Total current assets | $63,859 | $53,584 | | Total assets | $78,898 | $79,078 | | **Liabilities & Equity** | | | | Total current liabilities | $9,345 | $9,800 | | Notes payable | $46,487 | $45,235 | | Total liabilities | $69,889 | $70,352 | | Total stockholders' equity | $9,009 | $8,726 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Total revenue for H1 2021 increased to $13.7 million, driven by product sales, resulting in a net loss of $23.1 million, an improvement from the prior year Statement of Operations Summary (in thousands) | Metric | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Total revenue | $13,650 | $5,097 | | - Product revenue | $8,328 | $2,086 | | - Contribution revenue | $5,322 | $3,000 | | Total costs and expenses | $34,132 | $27,497 | | Loss from operations | $(20,482) | $(22,400) | | Net loss | $(23,135) | $(25,634) | | Net loss per share | $(0.15) | $(0.27) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $19.3 million, offset by $14.9 million from investing and $20.3 million from financing, leading to a $15.9 million cash increase Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(19,305) | $(28,231) | | Net cash provided by (used in) investing activities | $14,948 | $(9,370) | | Net cash provided by financing activities | $20,272 | $53,097 | | **Net increase in cash, cash equivalents and restricted cash** | **$15,915** | **$15,496** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business, accounting policies, and financial arrangements, highlighting substantial doubt about going concern, BARDA contract revenue, CRG term loan, and equity offerings - The company has concluded that **substantial doubt exists about its ability to continue as a going concern** for at least 12 months from the issuance of the financial statements, as management's plans to raise sufficient funding or reduce expenditures are considered less than probable[33](index=33&type=chunk) - The company has a milestone-based contract with BARDA, initially valued at **$6.0 million** with a potential value up to **$69.0 million**, with revenue from this contract being **$5.3 million** for the first six months of 2021[125](index=125&type=chunk)[127](index=127&type=chunk) - The company has a Term Loan Agreement with CRG, which requires maintaining a minimum cash balance of **$5.0 million** and meeting certain revenue targets, which were met as of June 30, 2021[31](index=31&type=chunk)[97](index=97&type=chunk) - In July 2021, shareholders approved an increase in authorized common stock from **200 million to 400 million shares**[137](index=137&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue growth from the T2SARS-CoV-2 panel, reiterating substantial doubt about going concern due to historical losses and the need for future funding - The company is an in vitro diagnostics leader in the rapid detection of sepsis-causing pathogens using its proprietary T2MR technology, with key products including **T2Dx Instrument, T2Candida, T2Bacteria, and the T2SARS-CoV-2 Panel**[143](index=143&type=chunk) - The company has never been profitable, with an accumulated deficit of **$446.1 million** as of June 30, 2021, and future operations depend on raising additional capital[151](index=151&type=chunk) - Management has concluded that **substantial doubt exists about the company's ability to continue as a going concern** for at least one year, as plans to secure funding or reduce spending are not considered probable[156](index=156&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Total revenue for H1 2021 increased 168% to $13.7 million, driven by product and contribution revenue, while net loss improved to $23.1 million Comparison of Results for the Six Months Ended June 30 (in thousands) | Line Item | 2021 | 2020 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | **$13,650** | **$5,097** | **$8,553** | **167.8%** | | Product revenue | $8,328 | $2,086 | $6,242 | 299.2% | | Contribution revenue | $5,322 | $3,000 | $2,322 | 77.4% | | **Total costs and expenses** | **$34,132** | **$27,497** | **$6,635** | **24.1%** | | Cost of product revenue | $10,621 | $6,971 | $3,650 | 52.4% | | Research and development | $10,064 | $8,566 | $1,498 | 17.5% | | Selling, general and administrative | $13,447 | $11,960 | $1,487 | 12.4% | | **Loss from operations** | **$(20,482)** | **$(22,400)** | **$1,918** | **-8.6%** | | **Net loss** | **$(23,135)** | **$(25,634)** | **$2,499** | **-9.7%** | - The increase in product revenue for H1 2021 was driven primarily by higher consumables revenue of **$5.8 million**, mainly from the T2SARS-CoV-2 Panel which launched in Q3 2020[190](index=190&type=chunk) - The increase in R&D expenses was driven by higher lab/facility expenses (**$0.6 million**), IT support (**$0.5 million**), and payroll (**$0.3 million**), largely related to the BARDA agreement[194](index=194&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company held $32.7 million in cash, raised $20.0 million from equity offerings, but faces substantial doubt about its going concern ability - The company had an accumulated deficit of **$446.1 million** as of June 30, 2021[200](index=200&type=chunk) - On March 31, 2021, the company entered into a new Sales Agreement with Canaccord to sell up to **$75.0 million** of common stock, having sold shares for net proceeds of **$20.0 million** by June 30, 2021[204](index=204&type=chunk) - The company's Term Loan with CRG requires maintaining a **$5.0 million** minimum cash balance, and while compliance is expected, assurances cannot be provided without additional funding[213](index=213&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, T2 Biosystems is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, T2 Biosystems is not required to provide information for this item[234](index=234&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[236](index=236&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[237](index=237&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal claims or actions that would adversely affect its financial condition or operations - There are currently no claims or legal actions that would have a material adverse effect on the company's financial condition or results of operations[240](index=240&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes have occurred to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[241](index=241&type=chunk) [Other Items (Items 2, 3, 4, 5)](index=41&type=section&id=Other%20Items%20(Items%202,%203,%204,%205)) Items 2, 3, 4, and 5 report no unregistered equity sales, no defaults on senior securities, no mine safety disclosures, and no other information - Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information) are all reported as 'None' or 'Not applicable'[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)

T2 Biosystems, Inc. (NASDAQ:TTOO) Q2 2021 Earnings Conference Call August 5, 2021 4:30 PM ET Company Participants Greg Chodaczek - Managing Director, Gilmartin Group John Sperzel - Chairman & CEO John Sprague - CFO Conference Call Participants Operator Greetings, and welcome to the T2 Biosystems Second Quarter 2021 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Greg Chodaczek, Managing Director o ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) Unaudited Q1 2021 financial statements reveal increased revenue, ongoing net losses, and a stockholders' deficit, raising substantial doubt about going concern Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $44,587 | $53,584 | | **Total assets** | $70,052 | $79,078 | | **Total current liabilities** | $10,401 | $9,800 | | **Total liabilities** | $70,618 | $70,352 | | **Total stockholders' (deficit) equity** | ($566) | $8,726 | Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total revenue** | $6,956 | $2,545 | | Product revenue | $4,650 | $1,045 | | Contribution revenue | $2,306 | $1,500 | | **Loss from operations** | ($9,702) | ($13,561) | | **Net loss** | ($10,660) | ($14,949) | | **Net loss per share** | ($0.07) | ($0.22) | Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($8,708) | ($14,740) | | **Net cash provided by (used in) investing activities** | $2,553 | ($67) | | **Net cash provided by financing activities** | $53 | $40,097 | - Management has concluded that **substantial doubt** exists about the Company's ability to continue as a **going concern** for at least 12 months from the financial statement issuance date due to a history of net losses, cash outflows, and reliance on future funding not considered probable[29](index=29&type=chunk) - The company's T2SARS-CoV-2 Panel, a COVID-19 molecular diagnostic test, received **Emergency Use Authorization (EUA)** from the FDA in August 2020[20](index=20&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 performance, highlighting significant revenue growth driven by product sales, while reiterating substantial doubt about the company's ability to continue as a going concern Results of Operations (in thousands) | | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | Change (in thousands) | | :--- | :--- | :--- | :--- | | **Total revenue** | $6,956 | $2,545 | $4,411 | | Cost of product revenue | $5,790 | $4,671 | $1,119 | | Research and development | $4,665 | $4,780 | ($115) | | Selling, general and administrative | $6,203 | $6,655 | ($452) | | **Loss from operations** | ($9,702) | ($13,561) | $3,859 | | **Net loss** | ($10,660) | ($14,949) | $4,289 | - Product revenue increased by **$3.6 million**, primarily driven by **$3.3 million** in higher consumables sales from the T2SARS-CoV-2 Panel, which began selling in Q3 2020[173](index=173&type=chunk) - The company again states that conditions raise **substantial doubt** about its ability to continue as a **going concern** for one year, as its plans to raise sufficient funding or reduce expenditures are considered less than probable[149](index=149&type=chunk)[193](index=193&type=chunk) - In March 2021, the company entered into a new Sales Agreement with Canaccord Genuity LLC for an **'at the market' offering** to sell up to **$75.0 million** of common stock[184](index=184&type=chunk) - Net cash used in operating activities decreased to **$8.7 million** in Q1 2021 from **$14.7 million** in Q1 2020, primarily due to a lower net loss and favorable changes in working capital, including a significant increase in accounts payable[196](index=196&type=chunk)[197](index=197&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company, as a smaller reporting company, is not required to provide the information requested under this item - As a **smaller reporting company**, T2 Biosystems is **not required** to provide quantitative and qualitative disclosures about market risk[211](index=211&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, affirmed the effectiveness of disclosure controls and procedures as of March 31, 2021, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2021[214](index=214&type=chunk) - There were **no changes** to the company's internal control over financial reporting during the quarter that **materially affected**, or are reasonably likely to materially affect, its internal controls[215](index=215&type=chunk) [PART II OTHER INFORMATION](index=39&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company states that it is not currently involved in any legal proceedings that would have a material adverse effect on its financial condition or results of operations - There are currently **no claims or legal actions** that would have a **material adverse effect** on the company's results of operations or financial condition[218](index=218&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) This section refers to risk factors detailed in the Annual Report on Form 10-K, confirming no material changes to previously disclosed risks - There have been **no material changes** from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020[219](index=219&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - The company reported **'None'** for this item[220](index=220&type=chunk) [Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the company for the reporting period - The company reported this item as **'Not applicable.'**[221](index=221&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - The company reported this item as **'Not applicable.'**[222](index=222&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) The company reported no other information required to be disclosed under this item - The company reported **'None'** for this item[223](index=223&type=chunk) [Exhibits, Financial Statement Schedules](index=40&type=section&id=Item%206.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists exhibits filed with the Form 10-Q, including amendments to the BARDA contract and CRG Term Loan Agreement, plus required officer certifications - Key exhibits filed include an amendment to the **BARDA contract**, an amendment to the **CRG Term Loan Agreement**, and required **CEO/CFO certifications**[225](index=225&type=chunk)

T2 Biosystems, Inc. (NASDAQ:TTOO) Q1 2021 Earnings Conference Call May 6, 2021 4:30 PM ET Company Participants Philip Taylor - Investor Relations, Gilmartin Group John Sperzel - President and Chief Executive Officer John Sprague - Chief Financial Officer Conference Call Participants Stephanie Yan - Canaccord Genuity Ben Haynor - Alliance Global Partners Operator Good day and welcome to the T2 Biosystems First Quarter 2021 Earnings Conference Call. Today's conference is being recorded. At this time, I would ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36571 T2 Biosystems, Inc. (Exact name of registrant as specified in its charter) Delaware 20-4827488 (State or other jurisdiction of incorpora ...

T2 Biosystems, Inc. (NASDAQ:TTOO) Q4 2020 Earnings Conference Call March 4, 2021 4:30 PM ET Company Participants Philip Taylor - Investor Relations, Gilmartin Group John Sperzel - President and CEO John Sprague - Chief Financial Officer Conference Call Participants Westley Dupray - SVB Leerink Max Masucci - Canaccord Genuity Mark Massaro - BTIG Ben Haynor - Alliance Global Partners Operator Greetings. Welcome to T2 Biosystems Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all part ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36571 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 T2 Biosystems, Inc. (Exact name of registrant as specified in its charter) Delaware 20-4827488 (State or other jurisd ...

T2 Biosystems, Inc. (NASDAQ:TTOO) Q3 2020 Earnings Conference Call November 4, 2020 4:30 PM ET Company Participants Philip Taylor - Gilmartin Group John Sperzel - President and CEO John Sprague - CFO Conference Call Participants Max Masucci - Canaccord Genuity Puneet Souda - SVB Leerink Mark Massaro - BTIG Steve Brozak - WBB Securities Ben Haynor - Alliance Global Operator Greetings and welcome to the T2 Biosystems Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-o ...