HTG Molecular Diagnostics Reports First Quarter 2022 Results
Recent Business Highlights
- Released a proof-of-approach white paper, demonstrating the utility of HTG’s proprietary profiling technologies as a key component of its novel drug discovery and design platform.
- Expanded the HTG Therapeutics business unit leadership team with the addition of
Christina M. Carruthers , Ph.D., as Vice President of Target Strategy andEarly Development . - Expanded the utility of the HTG EdgeSeq technology by harmonizing sample preparation protocols for the miRNA Whole Transcriptome Assay and the HTG Transcriptome Panel (HTP), allowing customers to use a single tissue section and one lysate method to run both panels.
- Completed a private placement with a leading healthcare investor. The gross proceeds to HTG from the private placement, after deducting the placement agent fees and other expenses related to the transaction, were approximately
$7.2 million .
First Quarter 2022 Financial Highlights:
Revenue for the quarter ended
Net loss from operations for the quarter ended
Cash, cash equivalents and short-term available-for-sale securities totaled
Conference Call and Webcast:
HTG will host a conference call for the investment community today beginning at
| Date: | ||
| Time: | ||
| Toll Free: | (855) 327-6837 | |
| International: | (631) 891-4304 | |
| Conference ID: | 10019008 | |
| Webcast: | https://services.choruscall.com/mediaframe/webcast.html?webcastid=zldEP8Ko |
About HTG:
HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, clinical diagnostics and targeted therapeutics across a variety of disease areas.
Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.
HTG Investor Contact:
Phone: (617) 430-7577
Email: arr@lifesciadvisors.com
-Financial tables follow-
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended |
||||||||
| 2022 | 2021 | |||||||
| Product and product-related services revenue | $ | 1,184,454 | $ | 1,435,146 | ||||
| Operating expenses: | ||||||||
| Cost of product and product-related services revenue | 855,048 | 785,200 | ||||||
| Selling, general and administrative | 4,663,011 | 3,859,619 | ||||||
| Research and development | 1,920,430 | 1,372,040 | ||||||
| Total operating expenses | 7,438,489 | 6,016,859 | ||||||
| Operating loss | (6,254,035 | ) | (4,581,713 | ) | ||||
| Other income (expense) | (243,098 | ) | (264,145 | ) | ||||
| Net loss before income taxes | (6,497,133 | ) | (4,845,858 | ) | ||||
| Provision for income taxes | (386 | ) | (2,449 | ) | ||||
| Net loss | $ | (6,497,519 | ) | $ | (4,848,307 | ) | ||
| Net loss per share, basic and diluted | $ | (0.81 | ) | $ | (0.80 | ) | ||
| Shares used in computing net loss per share, basic and diluted | 8,011,774 | 6,040,752 | ||||||
| Condensed Consolidated Balance Sheets | ||||||||
| 2022 | 2021 | |||||||
| Assets | (Unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 14,614,427 | $ | 9,599,950 | ||||
| Short-term investments available-for-sale, at fair value | 6,948,584 | 12,343,456 | ||||||
| Accounts receivable, net | 749,220 | 2,092,466 | ||||||
| Inventory, net | 2,022,478 | 1,987,753 | ||||||
| Prepaid expenses and other | 1,074,735 | 1,163,339 | ||||||
| Total current assets | 25,409,444 | 27,186,964 | ||||||
| Operating lease right-of-use assets | 1,245,045 | 1,345,361 | ||||||
| Property and equipment, net | 949,209 | 1,118,886 | ||||||
| Other non-current assets | 860,604 | 809,476 | ||||||
| Total assets | $ | 28,464,302 | $ | 30,460,687 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,317,009 | $ | 1,649,440 | ||||
| Accrued liabilities | 1,024,984 | 2,022,569 | ||||||
| Current portion of long-term debt | 5,000,000 | 5,167,586 | ||||||
| NuvoGen obligation - current | 548,301 | 548,301 | ||||||
| Operating lease liabilities - current | 423,111 | 413,865 | ||||||
| Other current liabilities | 181,088 | 141,749 | ||||||
| Total current liabilities | 8,494,493 | 9,943,510 | ||||||
| NuvoGen obligation - non-current, net of discount | 3,725,273 | 3,900,880 | ||||||
| Long-term debt, net | 4,046,356 | 5,178,629 | ||||||
| Other non-current liabilities | 929,706 | 1,037,844 | ||||||
| Total liabilities | 17,195,828 | 20,060,863 | ||||||
| Commitments and Contingencies | ||||||||
| Total stockholders’ equity | 11,268,474 | 10,399,824 | ||||||
| Total liabilities and stockholders' equity | $ | 28,464,302 | $ | 30,460,687 | ||||
Source: HTG Molecular Diagnostics, Inc.