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Singular Genomics Systems Reports No Revenues, Increased Net Loss for Q2

NEW YORK – Singular Genomics Systems reported its second quarter financial results before the market opened on Tuesday.

For the three months ended June 30, Singular reported no revenues.

The San Diego-based sequencing technology company went public in May, raising $258.1 million in gross proceeds and $237.1 million in net proceeds after deducting $20.9 million in offering costs, underwriting discounts, and commissions.

"We are on track to take orders for the G4 integrated sequencing solution by year-end and to ship commercial systems by mid-year 2022," CEO Drew Spaventa said in a statement. "In preparation for that launch, we are optimizing the system performance, setting up manufacturing operations, building out the commercial team, and forming partnerships to validate and implement our breakthrough integrated sequencing platform. The team has executed well across financial, infrastructure, development, and other key timelines."

In its 10-Q form, filed with the US Securities and Exchange Commission on Tuesday, Singular disclosed that it is developing two integrated next-gen sequencing systems for different applications.

The first one, called the G4 Integrated Solution, will target the NGS market and consists of the G4 instrument and consumables kits. It will address applications "in fast-growing markets including oncology and immune profiling," according to the firm. Singular has completed a beta pilot program for this system and has initiated an early-access program, with an anticipated commercial launch by the end of 2021 and shipments of the first units in the first half of 2022.

The second system, called the PX Integrated Solution, will combine single-cell analysis, spatial analysis, genomics, and proteomics in one integrated instrument. Singular said it plans to commercialize this system in 2023.

Singular further disclosed that it licensed exclusive rights to certain intellectual property from Columbia University in 2016. However, the license fee has been immaterial, the firm said, and it does not believe its upcoming G4 or PX instruments, or their consumables, will require the firm to make milestone or royalty payments to Columbia.

Singular also disclosed that it had funded a research program with Columbia, which ended in 2019, and recorded $100,000 of expenses for this in 2019.

Singular's net loss for the quarter totaled $37.5 million, or $1.18 per share, compared to a net loss of $6.8 million, or $.65 per share, in Q2 2020. The weighted average shares of common stock used to compute net loss per share was approximately 31.6 million, compared to approximately 10.6 million in Q2 2020.

The firm reported $7.7 million in R&D expenses for the quarter, up 45 percent from $5.3 million a year ago, primarily due to an increase in product development efforts. As of June 30, it had 124 employees in research and development.

It also reported $6.2 million in general and administrative expenses, up more than fourfold from $1.4 million in the year-ago quarter, mainly due to increased employee compensation costs, stock-based compensation, and other related costs.

As of June 30, Singular had $257.3 million in cash and cash equivalents and $114.4 million in short-term investments, as well as 169 full-time employees.

In morning trading on the Nasdaq, shares of Singular were flat at $18.44.

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