HTG Molecular Diagnostics Reports Full Year 2021 Results
Recent Business Highlights
HTG Transcriptome Panel(“HTP”) revenue continued to increase in the fourth quarter of 2021, ending the year as the top selling assay at approximately 16% of total revenue, just 5 months after commercial sales availability.
- Announced the expansion of its therapeutics team with the addition of several highly experienced professionals, led by Stephen Barat, Ph.D., a drug development veteran who most recently served with the Janssen Pharmaceutical Companies of Johnson and Johnson (Janssen).
- Expanded its HTG Therapeutics business unit’s
Scientific Advisory Boardwith the addition of Jerald Radich, M.D., a pioneer in the fields of leukemia research and molecular genetics, and Robert Spitale, Ph.D., Associate Director and Associate Dean of Research in the School of Pharmacy and Pharmaceutical Servicesat the University of California, Irvine.
- Added extensive biopharmaceutical industry experience and therapeutic depth to its Board of Directors with the addition of
Christopher Kiritsy, formerly of KOS Pharmaceuticals.
- Completed a private placement of its securities for gross proceeds of approximately
Full Year 2021 Financial Highlights:
Total revenue for the year ended
Product and product-related services revenue increased by 13% 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
|Toll Free:||(855) 327-6837|
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.
Phone: (617) 430-7577
|Consolidated Statements of Operations|
|Product and product-related services||$||8,906,828||$||7,890,854|
|Collaborative development services||—||658,010|
|Cost of product and product-related services revenue||4,094,980||3,991,532|
|Selling, general and administrative||16,546,740||18,063,064|
|Research and development||6,088,934||6,079,907|
|Total operating expenses||26,730,654||28,134,503|
|Other expense, net||(1,034,661||)||(747,770||)|
|Gain on forgiveness of PPP Loan||1,735,792||—|
|Loss on extinguishment of MidCap Credit Facility and QNAH Convertible Note||—||(522,394||)|
|Net loss before income taxes||(17,122,695||)||(20,855,803||)|
|Provision for income taxes||(22,475||)||(14,415||)|
|Net loss per share, basic and diluted||$||(2.47||)||$||(4.51||)|
|Shares used in computing net loss per share, basic and diluted||6,936,131||4,627,918|
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||9,599,950||$||22,397,812|
|Short-term investments available-for-sale, at fair value||12,343,456||6,298,075|
|Accounts receivable, net||2,092,466||1,588,767|
|Prepaid expenses and other||1,163,339||1,094,273|
|Total current assets||27,186,964||32,871,053|
|Operating lease right-of-use assets||1,345,361||1,009,097|
|Property and equipment, net||1,118,886||1,227,402|
|Other non-current assets||809,476||90,356|
|Liabilities and stockholders' equity|
|Contract liabilities - current||124,941||185,083|
|NuvoGen obligation - current||548,301||512,729|
|Operating lease liabilities - current||413,865||685,220|
|Other current liabilities||16,808||22,563|
|Total current liabilities||9,943,510||7,236,374|
|NuvoGen obligation - non-current, net of discount||3,900,880||4,479,396|
|Long-term debt, net||5,178,629||8,568,308|
|Operating lease liabilities - non-current||949,461||368,682|
|Other non-current liabilities||88,383||60,488|
|Commitments and Contingencies|
|Total stockholders’ equity||10,399,824||14,484,660|
|Total liabilities and stockholders' equity||$||30,460,687||$||35,197,908|
Source: HTG Molecular Diagnostics, Inc.