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Singular Genomics Inks Sample Prep Partnerships With Paragon Genomics, Claret Bioscience; Reports Q3

This story has been updated to correct the consensus Wall Street estimate for Singular Genomics' Q3 revenues.

NEW YORK – Singular Genomics Systems said on Monday that it has signed partnerships with Paragon Genomics and Claret Bioscience to validate its library preparation assays for use with the firm's G4 sequencer.

The announcement came as the firm reported its third quarter operating results. The San Diego-based sequencing technology firm continued to report no revenues, in line with the consensus Wall Street estimate, but said it will ship its first G4 sequencers in Q4. In August the firm reported that supply chain issues would impair its ability to scale up manufacturing of its sequencer as originally planned.

Singular's net loss for the quarter totaled $23.8 million, or $.33 per share, compared to a loss of $17.6 million, or $.25 per share, in Q3 2021, beating the consensus Wall Street estimate of a $.41 loss per share.

The firm reported $12.7 million in R&D expenses, up 43 percent year over year from $8.9 million. SG&A expenses were $12.0 million, up 40 percent from $8.6 million a year ago.

As of Sept. 30, Singular had $93.3 million in cash and cash equivalents and $170.6 million in short-term investments.

In Tuesday morning trading on the Nasdaq, shares of Singular were up 5 percent at $2.35.

Singular now has partnerships with more than half a dozen other companies on sequencing sample preparation.