“Codex DNA’s first year as a publicly traded company was successful and productive, as we achieved significant financial and operational objectives,” said
Recent Highlights
Continued to execute in all areas of our growth strategy:
- Increased total revenue by 59% over prior year period
- Signed early access collaboration and licensing agreement with Pfizer for
SOLA enzymatic DNA synthesis technology - Expanded catalog of COVID-19 tools with release of full-length synthetic genome for SARS-CoV-2 Omicron Variant, which can be used by researchers in development of therapies, vaccines and new diagnostics to help in the fight against the COVID-19 pandemic
- Announced collaboration with RNAimmune to optimize future mRNA synthesis and delivery kits
- Closed the acquisition of Eton Bioscience
Progressed in our research and development programs:
- Achieved important milestones in our
SOLA enzymatic DNA synthesis program, including synthesis of full length H1 and N1 genes from the Influenza A virus, which are approximately 1,800 base pairs (bp) and 1,500bp in length, respectively - Successfully built full-length genes, mRNA and protein starting from DNA generated using our
SOLA enzymatic DNA synthesis technology with our BioXp instrumentation
Strengthened organization to support future growth:
- Entered into a lease agreement for future office and laboratory space, supporting the future growth of our organization and enabling efficient and centralized operations
- Recruited key talent throughout the organization, including more than 30 employees hired in the fourth quarter
Fourth Quarter 2021 Financial Results
- Revenue was
$3.1 million for the fourth quarter 2021, a 59% increase from$1.9 million for the same period in the prior year. This growth was primarily driven by product sales from new product introductions. Royalties and other revenue also grew due to an increase in revenue related to the licensing of our products and collaborations. - Cost of revenue for the fourth quarter 2021 was
$2.2 million , compared to$1.0 million for the same period in the prior year. The increase of$1.2 million was primarily driven by increased sales, resulting in higher raw material costs associated with reagents sales and biofoundry services, shipping and logistics costs and increased personnel and departmental expenses. - Operating expenses were
$13.0 million for the fourth quarter 2021, compared to$6.1 million for the same period in the prior year. This increase was driven by headcount expansion across our business, primarily in our commercial, research and development and general and administrative organizations. Other expense increases were related to professional services, R&D material costs, facility costs and insurance costs. - Net loss was
$12.5 million for the fourth quarter 2021, compared to$5.6 million in the same period in the prior year. Net loss per share was$0.43 for the fourth quarter of 2021, compared to$1.12 for the corresponding prior year period. - Cash and cash equivalents were
$82.8 million as ofDecember 31, 2021 . In addition, the Company has approximately$14.7 million of debt outstanding as ofDecember 31, 2021 .
Fiscal 2022 Financial Guidance
“Looking ahead, we are investing for the future and expect strong financial results in 2022, with growth in our core BioXp business, new product launches, and meaningful contributions from our recently announced collaboration agreement with Pfizer,” said
For the full year 2022,
- Total Revenue in the range of $19 to $21 million
- Gross margin is expected to be in the range of low to mid forty percent
- Operating expenses are expected to be approximately
$70 million , driven by investments in R&D to accelerate launch of the Company’s BioXp Oligo printer andSOLA enzymatic DNA Synthesis program. R&D expense is expected to be approximately $31 million
Webcast and Conference Call Information
Company management will host a conference call today, Tuesday, March 22, 2022, 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 Codex DNA’s website at www.codexdna.com. The conference call can be accessed by dialing (888) 705-0127 (domestic) or +1 (409) 937-8880 (international) and referring to conference ID 9998693. Please log in approximately 5-10 minutes before the event to ensure a timely connection. The archived webcast will remain available for replay on Codex DNA’s website for 30 days.
About
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 regarding Codex DNA’s financial guidance, growth of operations and customer base, progress made on achieving corporate goals, the future release of products and services and the success of the acquisition of Eton Bioscience and collaboration with Pfizer. 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 Codex DNA’s control, include risks described in Codex DNA’s public filings, specifically the section entitled Risk Factors and elsewhere in its annual Report on Form 10-K, which is anticipated to be filed with the
Selected Balance Sheet Financial Data | |||||||
(in thousands) | |||||||
2021 | 2020 | ||||||
Balance Sheet Data: | |||||||
Cash, cash equivalents and investments | $ | 82,806 | $ | 13,463 | |||
Working capital | 83,451 | 11,556 | |||||
Total assets | 116,257 | 26,863 | |||||
Total liabilities | 25,473 | 13,408 | |||||
Convertible preferred stock | - | 38,914 | |||||
Accumulated deficit | (65,270 | ) | (26,312 | ) | |||
Total stockholders’ equity (deficit) | 90,784 | (25,459 | ) | ||||
Selected Statements of Operations Financial Data | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue: | |||||||||||||||
Product sales | $ | 2,363 | $ | 1,411 | $ | 8,462 | $ | 5,131 | |||||||
Royalties and other revenue | 715 | 526 | 2,581 | 1,445 | |||||||||||
Total revenue | 3,078 | 1,937 | 11,043 | 6,576 | |||||||||||
Cost of revenue | 2,196 | 1,018 | 6,744 | 2,951 | |||||||||||
Gross Profit | 882 | 919 | 4,299 | 3,625 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 5,331 | 2,662 | 14,548 | 8,925 | |||||||||||
Sales and marketing | 3,015 | 2,173 | 10,896 | 6,931 | |||||||||||
General and administrative | 4,633 | 1,254 | 14,229 | 4,130 | |||||||||||
Total operating expenses | 12,979 | 6,089 | 39,673 | 19,986 | |||||||||||
Loss from operations | (12,097 | ) | (5,170 | ) | (35,374 | ) | (16,361 | ) | |||||||
Interest expense, net | (368 | ) | (188 | ) | (1,369 | ) | (690 | ) | |||||||
Change in fair value of derivative liabilities | 11 | (225 | ) | (1,521 | ) | (880 | ) | ||||||||
Loss on extinguishment of debt | — | — | (618 | ) | — | ||||||||||
Other income (expense), net | (33 | ) | 3 | (62 | ) | (74 | ) | ||||||||
Provision for income taxes | (4 | ) | (3 | ) | (14 | ) | (5 | ) | |||||||
Net loss and comprehensive loss | $ | (12,491 | ) | $ | (5,583 | ) | $ | (38,958 | ) | $ | (18,010 | ) | |||
Net loss per share, basic and diluted | $ | (0.43 | ) | $ | (1.12 | ) | $ | (2.14 | ) | $ | (3.60 | ) | |||
Weighted average common shares used to compute net loss per share, basic and diluted | 29,312,629 | 5,004,802 | 18,222,495 | 5,001,538 |
Contact:
Director of Investor Relations
(619) 840-5392
RichardL@codexdna.com
Source:
2022 GlobeNewswire, Inc., source