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Codex DNA Q4 Revenues Grow 63 Percent

NEW YORK – Codex DNA reported after the close of the market on Tuesday that its fourth quarter revenues were up 63 percent year over year, while full-year revenues climbed 67 percent.

For the three months ended Dec. 31, 2021, Codex's revenues increased to $3.1 million, up from $1.9 million in Q4 2020.

Calling Codex DNA's first year as a publicly traded company "successful and productive," CEO Todd Nelson, in a statement, highlighted "a number of critical steps" the company took in the fourth quarter. These included signing an early-access collaboration and a licensing agreement with Pfizer, closing the acquisition of Eton Bioscience, achieving "outstanding progress" in its enzymatic DNA synthesis program, and recruiting more than 30 employees throughout the organization.

The San Diego-based synthetic biology company went public in June 2021 in a $122.7 million initial public offering.

Revenues for Q4 consisted of $2.4 million in product sales, up 71 percent from $1.4 million in the same period in 2020, and $715,000 in royalties and other revenue, a 36 percent increase from $526,000 the previous year.

Codex's Q4 net loss totaled $12.5 million, or $.43 per share, compared to a net loss of $5.6 million, or $1.12 per share, in Q4 of 2020. Codex calculated its Q4 net loss per share based on about 29.3 million weighted average common shares, compared to about 5 million shares for Q4 2020.

R&D expenses in Q4 rose 96 percent year over year to $5.3 million from $2.7 million. SG&A expenses climbed to $7.6 million, more than double the $3.4 million in Q4 of 2020.

For full-year 2021, Codex scored $11 million in revenue, a 67 percent increase from 2020's $6.6 million.

Product sales in 2021 rose 67 percent to $8.5 million from $5.1 million the year before. Royalties and other revenue for the year were $2.6 million, an 86 percent jump year over year from $1.4 million.

Net loss for 2021 was $39.0 million, or $2.14 per share, compared with $18.0 million, or $3.60 per share, the year prior. The company calculated its annual net loss per share based on about 18.2 million weighted average common shares, compared to about 5 million shares for 2020.

R&D expenses for 2021 increased 63 percent to $14.5 million from $8.9 million the previous year. SG&A expenses more than doubled from $11.1 million in 2020 to $25.0 million.

Codex DNA ended 2021 with $82.8 million in cash and cash equivalents as of Dec. 31.

For full-year 2022, Codex anticipates revenue in the range of $19 million to $21 million. R&D expenses are expected to be approximately $31 million, driven by investments to accelerate the launch of the company's BioXp Oligo printer and short oligo ligation assembly (SOLA) enzymatic DNA synthesis program.

In mid-morning trading on the Nasdaq on Wednesday, Codex DNA shares tumbled 23 percent to $7.09.