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Codex DNA Q2 Revenues Rise 76 Percent

NEW YORK – Codex DNA reported after the close of the market on Tuesday that its second quarter revenues grew 76 percent year over year.

The San Diego-based synthetic biology firm completed its initial public offering in June, raising approximately $122.7 million in gross proceeds.

"We are now well positioned to build on this foundation, scale our global operations, and empower more customers with the ability to rapidly create sustainable solutions to help advance precision medicine, biologics drug discovery, vaccine development, genome editing, and cell and gene therapy," CEO Todd Nelson said in a statement.

For the three months ended June 30, Codex DNA reported $2.9 million in revenues, up from $1.6 million during the same period last year. The increase was related to the release of new products as well as a rise in royalties and collaboration research program revenue.

Revenues consisted of $2.1 million in product sales, up 50 percent from $1.4 million last year, and $732,000 in royalties and other revenue, up more than threefold from $230,000 last year.

During the quarter, Codex DNA announced a collaboration with the US Department of Agriculture and a related grant of up to $3.3 million to combat citrus greening disease. It also inked a licensing and supply agreement with TriLink Biotechnologies for the CleanCap mRNA capping technology.

The company's net loss totaled $9.2 million, or $1.06 per share, compared to a net loss of $4.1 million, or $.82 per share, in Q2 of 2020. Codex DNA computed its net loss per share based on 8,697,707 weighted average common shares, compared to 5,000,286 shares for Q2 of 2020.

R&D expenses rose 35 percent to $2.7 million during the quarter from $2.0 million a year ago, primarily due to an increase of $1.1 million in standard costs related to unit sales and higher raw material costs for reagent sales and biofoundry services.

SG&A expenses climbed to $5.8 million, up more than twofold from $2.3 million last year, driven by a headcount expansion primarily in the commercial organization as the firm is increasing its sales and marketing efforts and investing in R&D to develop new products. Expenses were also up because of increased costs related to operating as a public company.

Codex DNA ended the quarter with $123.8 million in cash, cash equivalents, and investments.