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Singular Genomics Systems Reports no Revenues for Q3; Commercial '22 Launch on Track

NEW YORK – Singular Genomics Systems reported financial results for its first full quarter as a public company after the close of the market on Tuesday.

For the three months ended Sept. 30, the San Diego-based sequencing technology firm, which raised $237.1 million in an initial public offering in May, reported no revenues.

The company is developing two instruments, the G4 next-generation sequencer and the PX Integrated Solution, a single-cell, spatial, and multiomics analysis instrument.

"Early-access partnerships for the G4 have been successful, and our partners are achieving accuracy and performance measures at our intended targeted specs," Drew Spaventa, CEO and chairman, said in a statement. "We remain on track for our commercial launch, to take orders by year end, and to ship commercial systems during the first half of 2022."

On a conference call with investors following the release of the results, Spaventa noted that the firm recently completed building manufacturing facilities that are producing their first instruments and consumables.

Singular's net loss for the quarter totaled $17.6 million, or $.25 per share, compared to a net loss of $7.9 million, or $.74 per share, in Q3 2020, missing the consensus Wall Street estimate of a $.24 loss per share. The number of weighted average shares of common stock used to compute net loss per share was approximately 71.7 million, compared to approximately 10.7 million in Q3 2020. Dalen Meeter, Singular's senior VP of finance, said the firm expects share count to remain consistent through the end of the year.

The firm reported $8.9 million in R&D expenses for the quarter, up 47 percent from $ 6.1 million a year ago. SG&A expenses were $8.6 million, up more than fourfold from $1.7 million a year ago. The increase in operating expenses was attributable to growth in headcount, investments to support development of the PX instrument, and costs associated with being a public company.

As of Sept. 30, Singular had $239.3 million in cash and cash equivalents and $117.8 million in short-term investments.

Meeter said he expects Q4 operating expenses to continue to increase as the firm adds more employees, invests in development, and builds support functions.

In Wednesday morning trading on the Nasdaq, shares of Singular were up 9 percent at $14.83.

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