Singular Genomics Systems(OMIC) - 2024 Q3 - Quarterly Results

Overall Performance and Corporate Updates Singular Genomics achieved significant Q3 2024 milestones, including G4X instrument shipment and new data presentations, reinforcing product line progress Recent Corporate Achievements Singular Genomics achieved key Q3 2024 milestones, including G4X instrument shipment and new data presentations, reinforcing product line progress - Shipped the first G4X Early Access instrument, a key milestone in its product development pipeline[3] - Presented new data sets at the Society for Immunotherapy of Cancer (SITC) conference, highlighting the G4X's performance on various tissue types and its capability for single-cell immune repertoire profiling[3] - Shipped two G4 systems in the third quarter of 2024[3] - The CEO expressed confidence in the G4X spatial sequencer's potential to deliver high-throughput spatial sequencing and multiomics with superior value, citing positive interest from the Spatial Technology Access Services project funnel[2] Financial Performance Singular Genomics reported Q3 2024 revenue of $0.4 million, a net loss of $16.8 million, and reduced operating expenses Q3 2024 Financial Highlights Singular Genomics reported Q3 2024 revenue of $0.4M, net loss of $16.8M, reduced expenses, and $113.8M cash Q3 2024 Financial Summary (in millions USD, except per share) | Financial Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenue | $0.4 | $0.46 | | Gross Profit | -$0.3 | -$0.1 | | Operating Expenses | $17.8 | $24.5 | | Net Loss | $16.8 | $22.4 | | Loss Per Share | $6.72 | $9.25 | - Cash, cash equivalents, and short-term investments totaled $113.8 million as of September 30, 2024[4] - Gross margin was negatively impacted by reagent rental and other non-capital purchase instrument placements, as well as higher support costs for system placements[4] - The company will not host a conference call due to ongoing discussions related to a potential strategic transaction[4] Consolidated Statements of Operations Q3 2024 revenue decreased to $0.41 million, with reduced operating expenses leading to a net loss of $16.80 million Consolidated Statements of Operations (in thousands USD) | 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 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $406 | $462 | $1,586 | $1,830 | | Gross margin | $(301) | $(65) | $(897) | $(101) | | Research and development | $9,568 | $11,220 | $31,790 | $36,074 | | Selling, general and administrative | $8,202 | $13,254 | $35,036 | $41,345 | | Total operating expenses | $17,770 | $24,474 | $66,826 | $77,419 | | Loss from operations | $(18,071) | $(24,539) | $(67,723) | $(77,520) | | Net loss | $(16,795) | $(22,360) | $(63,073) | $(71,571) | Consolidated Balance Sheets Total assets decreased to $186.6 million by Q3 2024, driven by lower short-term investments, with liabilities also reduced Consolidated Balance Sheets (in thousands USD) | Metric | September 30, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $52,620 | $16,233 | | Short-term investments | $61,213 | $157,708 | | Total current assets | $129,810 | $192,228 | | Total assets | $186,551 | $265,467 | | Liabilities and Equity | | | | Total current liabilities | $17,609 | $18,287 | | Total liabilities | $63,298 | $86,461 | | Total stockholders' equity | $123,253 | $179,006 | | Total liabilities and stockholders' equity | $186,551 | $265,467 |