HTG Molecular Diagnostics Reports Full Year 2020 Results
Recent Business Highlights
In
- Ability to differentiate samples based on gene expression profiles;
- Repeatability amongst replicates from multiple cancer indications with archived samples;
- Accuracy of differential expression analysis using a direct comparison to RNA-Seq; and
- Potential as a robust alternative to RNA-Seq for gene expression profiling while maintaining the advantages of the HTG EdgeSeq technology.
Launched an Early Access Program for the Panel in
“Though it remains clear that COVID-19 placed significant pressure on our core oncology business, including planned studies and laboratory operations of our customers throughout 2020, we remained agile and continued to make strategic shifts in our business into areas less impacted by the pandemic throughout the year, and expect to continue to do so as we begin the next fiscal year,” said
Full Year 2020 Financial Highlights:
Total revenue for the year ended
Product and product-related services revenue was
Collaborative development services revenue for the year ended
Net loss from operations for the year 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: | (877) 407-0789 | |
| International: | (201) 689-8562 | |
| Conference ID: | 13715845 | |
| Webcast: | http://public.viavid.com/index.php?id=143331 |
About HTG:
HTG is focused on NGS-based molecular profiling. The company’s proprietary HTG EdgeSeq technology automates complex, highly multiplexed molecular profiling from solid and liquid samples, even when limited in amount. HTG’s customers use its technology to identify biomarkers important for precision medicine, to understand the clinical relevance of these discoveries, and ultimately to identify treatment options. Its mission is to empower precision medicine.
Safe Harbor Statement:
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated performance characteristics and benefits of our planned transcriptome panel, the related Early Access Program, the impact of strategic adjustments made to lessen the impact of COVID-19, our belief that direct revenue from our core oncology business will begin to recover to pre-COVID levels, and the expected timing of the commercial launch of our transcriptome panel. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements necessarily contain these identifying words. These forward-looking statements are based upon management’s current expectations, are subject to known and unknown risks, and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation, risks associated with the impact of the COVID-19 pandemic on us and our customers; the risk that our transcriptome panel may not provide the benefits that we expect; risks associated with our ability to develop and commercialize our products, including our transcriptome panel; the risk that our products and services may not be adopted by biopharmaceutical companies or other customers as anticipated, or at all; our ability to manufacture our products to meet demand; competition in our industry; additional capital and credit availability; our ability to attract and retain qualified personnel; and product liability claims. These and other factors are described in greater detail in our filings with the
Contact:
Phone: (617) 430-7577
Email: arr@lifesciadvisors.com
-Financial tables follow-
| Consolidated Statements of Operations | ||||||||
| Years Ended |
||||||||
| 2020 | 2019 | |||||||
| Revenue: | ||||||||
| Product and product-related services | $ | 7,890,854 | $ | 14,632,204 | ||||
| Collaborative development services | 658,010 | 4,571,684 | ||||||
| Total revenue | 8,548,864 | 19,203,888 | ||||||
| Operating expenses: | ||||||||
| Cost of product and product-related services revenue | 3,991,532 | 8,911,372 | ||||||
| Selling, general and administrative | 18,063,064 | 18,682,396 | ||||||
| Research and development | 6,079,907 | 10,570,225 | ||||||
| Total operating expenses | 28,134,503 | 38,163,993 | ||||||
| Operating loss | (19,585,639 | ) | (18,960,105 | ) | ||||
| Other income (expense), net | (747,770 | ) | (334,180 | ) | ||||
| Loss on extinguishment of MidCap Credit Facility and QNAH Convertible Note |
(522,394 | ) | — | |||||
| Net loss before income taxes | (20,855,803 | ) | (19,294,285 | ) | ||||
| Provision for income taxes | (14,415 | ) | (3,379 | ) | ||||
| Net loss | $ | (20,870,218 | ) | $ | (19,297,664 | ) | ||
| Net loss per share, basic and diluted | $ | (4.51 | ) | $ | (7.60 | ) | ||
| Shares used in computing net loss per share, basic and diluted | 4,627,918 | 2,539,979 | ||||||
| Consolidated Balance Sheets | ||||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,397,812 | $ | 7,619,748 | ||||
| Short-term investments available-for-sale, at fair value | 6,298,075 | 25,410,222 | ||||||
| Restricted cash | — | 3,270,247 | ||||||
| Accounts receivable | 1,588,767 | 3,164,176 | ||||||
| Inventory, net | 1,492,126 | 1,269,667 | ||||||
| Prepaid expenses and other | 1,094,273 | 633,522 | ||||||
| Total current assets | 32,871,053 | 41,367,582 | ||||||
| Operating lease right-of-use assets | 1,009,097 | 1,209,145 | ||||||
| Property and equipment, net | 1,227,402 | 2,240,133 | ||||||
| Other non-current assets | 90,356 | 302,409 | ||||||
| Total assets | $ | 35,197,908 | $ | 45,119,269 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,348,762 | $ | 1,662,583 | ||||
| Accrued liabilities | 1,459,878 | 1,870,296 | ||||||
| Contract liabilities - current | 185,083 | 426,014 | ||||||
| NuvoGen obligation - current | 512,729 | 1,152,233 | ||||||
| Current portion of long-term debt, net | 3,022,139 | 2,987,667 | ||||||
| Operating lease liabilities - current | 685,220 | 758,932 | ||||||
| Other current liabilities | 22,563 | 41,134 | ||||||
| Total current liabilities | 7,236,374 | 8,898,859 | ||||||
| NuvoGen obligation - non-current, net of discount | 4,479,396 | 4,498,777 | ||||||
| Long-term debt, net | 8,568,308 | 6,871,545 | ||||||
| Operating lease liabilities - non-current | 368,682 | 636,340 | ||||||
| Other non-current liabilities | 60,488 | 244,114 | ||||||
| Total liabilities | 20,713,248 | 21,149,635 | ||||||
| Commitments and Contingencies | ||||||||
| Total stockholders’ equity | 14,484,660 | 23,969,634 | ||||||
| Total liabilities and stockholders' equity | $ | 35,197,908 | $ | 45,119,269 | ||||
Source: HTG Molecular Diagnostics, Inc.