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Singular Genomics Systems Books No Revenues for Q4 and Full-Year 2021

NEW YORK – Singular Genomics Systems reported financial results for the fourth quarter and full-year 2021 after the close of the market on Wednesday.

In the three months ended Dec. 31, the San Diego-based sequencing technology firm, which raised $237.1 million in an initial public offering in May, had no revenues.

The company is developing two instruments, the G4 next-generation sequencer — launched in December with shipments due in the second quarter of 2022 — and the PX Integrated Solution, a single-cell, spatial, and multiomics analysis instrument.

"We are pleased with the progression of the G4 launch. There has been robust engagement with potential customers, and we have accepted our initial orders as we track to begin shipping instruments in the second quarter," Singular cofounder and CEO Drew Spaventa said in a statement. "The production system performance metrics, technical report publication, and early-access partner data continue to establish the G4 as the world's most powerful benchtop sequencer."

On a conference call with investors, Spaventa said the company plans to expand its commercial sales and support staff to approximately 40 employees by the end of 2022.

Singular's net loss for the quarter totaled $19.8 million, or $.27 per share, compared to a net loss of $7.9 million, or $.73 per share, in Q4 2020, beating the consensus Wall Street estimate of a $.31 loss per share. The number of weighted average shares of common stock used to compute net loss per share was approximately 72.2 million, compared to approximately 10.8 million in Q4 2020. 

The firm reported $9.5 million in R&D expenses for the quarter, up 63 percent from $5.8 million a year ago. SG&A expenses shot up more than fivefold to $10.2 million, compared $1.8 million a year ago. The rise in operating expenses was driven by growth in headcount, investments to support the company's product pipeline, and costs associated with being a public company, Dalen Meeter, senior VP of finance, told investors.

The firm also reported no revenues for 2021.

Singular's net loss for the year totaled $98.8 million, or $2.10 per share, compared to a net loss of $27.9 million, or $.2.64 per share, in 2020, missing the consensus Wall Street estimate of a $1.77 loss per share. The number of weighted average shares of common stock used to compute net loss per share was approximately 47 million, compared to approximately 10.6 million in 2020.

The firm reported $32.7 million in R&D expenses for the year, up 54 percent from $21.2 million a year ago. SG&A expenses were $28.6 million, more than triple the $6.3 million in the prior year.

As of Dec. 31, Singular had $201.0 million in cash and cash equivalents and $138.2 million in short-term investments.

In 2022, Meeter said the company expects to see operating expenses continue to rise as it adds to its commercial team, which he suggested could double this year.

Singular's 20,000-square-foot manufacturing facility in San Diego is "up and running, assembling instruments as we speak," Meeter said, and the company is in the process of moving to a new 80,000-square-foot headquarters. It has also signed a new lease for an additional 200,000 square feet of space in a life science hub in the Torrey Pines area of San Diego.

In Thursday morning trading on the Nasdaq, shares of Singular were up 3 percent at $8.00.