QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
3 | ||||
3 | ||||
18 | ||||
26 | ||||
26 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
28 | ||||
29 |
June 30, 2022 (unaudited) |
December 31, 2021 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ | ||||||
Restricted cash |
||||||||
Prepaid expenses and other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Non-current restricted cash |
||||||||
Land, buildings, and equipment |
||||||||
Operating lease right-of-use |
||||||||
Other non-current assets |
||||||||
|
|
|
|
|||||
Total assets |
$ |
$ | ||||||
|
|
|
|
|||||
Liabilities and stockholders’ equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
$ | ||||||
Accrued expenses |
||||||||
Accrued compensation |
||||||||
Due to related parties |
||||||||
Current portion of financing lease obligations |
||||||||
Common stock warrants |
||||||||
Other current liabilities |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Financing lease obligations |
||||||||
Operating lease obligations |
||||||||
Other non-current liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
|
|
|
|
|||||
Stockholders’ equity: |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Common stock in treasury, at cost; |
( |
) |
( |
) | ||||
Accumulated deficit |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
||||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ |
$ | ||||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Revenue |
$ |
$ | $ |
$ | ||||||||||||
Cost of goods sold |
||||||||||||||||
Gross profit |
( |
) | ||||||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
||||||||||||||||
Selling, general, and administrative |
||||||||||||||||
Total operating expenses |
||||||||||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Gain upon extinguishment of Payroll Protection Program loan |
||||||||||||||||
Interest, net |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Non-operating income ( expenses) |
||||||||||||||||
Loss before income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Income taxes |
||||||||||||||||
Net loss |
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||
Basic and diluted net loss per share |
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||
Weighted average shares outstanding – basic and diluted |
||||||||||||||||
Anti-dilutive stock options, restricted stock units, performance stock units, and common stock warrants |
||||||||||||||||
Three Months Ended June 30, 2022 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at March 31, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
— | — | — | |||||||||||||||||||||
Issuance of common stock upon exercise of pre-funded warrants |
— | — | ||||||||||||||||||||||
Balance at June 30, 2022 |
$ |
$ |
$ |
( |
) | $ |
( |
) |
$ |
|||||||||||||||
Three Months Ended June 30, 2021 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
— | — | — | |||||||||||||||||||||
Balance at June 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||
Six Months Ended June 30, 2022 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at December 31, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Stock-based compensation |
— | — | — | — | ||||||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
— | — | — | — | — | |||||||||||||||||||
Issuance of common stock from ATM facility, net of offering expenses |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
Issuance of common stock and pre-funded warrants in registered offering, net of $ |
— | — | ||||||||||||||||||||||
Issuance of common stock upon exercise of pre-funded warrant s |
— |
— |
— |
— |
— |
|||||||||||||||||||
Cumulative effect of adoption of lease accounting standard |
— | — | — | — | ||||||||||||||||||||
Balance at June 30, 2022 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||
Six Months Ended June 30, 2021 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at December 31, 2020 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Stock-based compensation |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
— | — | — | |||||||||||||||||||||
Balance at June 30, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Operating activities |
||||||||
Net loss |
$ |
( |
) |
$ | ( |
) | ||
Adjustments to reconcile net loss to net cash used by operating activities: |
||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
( |
) | |||||
Depreciation and amortization |
||||||||
Stock-based compensation |
( |
) | ||||||
Unrealized (gain) loss on mark-to-market of common stock warrants |
( |
) |
— | |||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
— |
|||||||
Due to/from related parties |
( |
) |
( |
) | ||||
Inventory |
— |
( |
) | |||||
Prepaid expenses and other current assets |
||||||||
Accounts payable |
( |
) |
||||||
Accrued expenses |
( |
) | ( |
) | ||||
Accrued compensation |
( |
) |
||||||
Other |
( |
) |
||||||
|
|
|
|
|||||
Net cash used by operating activities |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Investing activities |
||||||||
Proceeds from sales of short-term investments |
— |
|||||||
Purchases of land, buildings, and equipment |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Net cash (used by) provided by investing activities |
( |
) |
||||||
|
|
|
|
|||||
Financing activities |
||||||||
Proceeds from the issuance of common stock , and pre-funded warrants |
— | |||||||
Costs incurred related to the issuance of common stock , pre-funded warrants, and common warrants |
( |
) |
— | |||||
Repayments of financing lease obligations |
( |
) |
( |
) | ||||
Proceeds from the exercise of stock options |
— |
|||||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
|
|
|
|
|||||
Net (decrease) increase in cash, cash equivalents, and restricted cash |
( |
) | ||||||
Cash, cash equivalents, and restricted cash – beginning of period |
||||||||
|
|
|
|
|||||
Cash, cash equivalents, and restricted cash – end of period |
$ |
$ | ||||||
|
|
|
|
June 30, 2022 |
June 30, 2022 |
|||||||||||||||||||||||||||||||
Fair Values of Assets |
Fair Values of Liabilities |
|||||||||||||||||||||||||||||||
In Thousands |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||||||||||
Other items reported at fair value: |
||||||||||||||||||||||||||||||||
Common stock warrants |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2022 |
||||
Estimated fair value of Common Warrants |
$ |
|||
Assumptions: |
||||
Risk-free interest rate |
% | |||
Expected volatility |
% | |||
Expected term to liquidation (in years) |
||||
|
|
Number of Pre-Funded Warrants |
Weighted Average Exercise Price |
Number of Common Warrants |
Weighted Average Exercise Price |
|||||||||||||
Outstanding as of December 31, 2021: |
||||||||||||||||
Issued |
$ | $ | ||||||||||||||
Forfeited/canceled |
— | — |
— | — |
||||||||||||
Exercised |
$ |
— |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding as of June 30, 2022: |
$ | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Exercisable as of June 30, 2022: |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Estimated fair values of stock options granted |
$ |
$ | ||||||
Assumptions: |
||||||||
Risk-free interest rate |
% |
% | ||||||
Expected volatility |
% |
% | ||||||
Expected term (in years) |
||||||||
|
|
|
|
Options Exercisable |
Weighted- Average Exercise Price Per Share |
Options Outstanding |
Weighted- Average Exercise Price Per Share |
|||||||||||||
Balance as of December 31, 2021 |
$ | $ | ||||||||||||||
Granted |
||||||||||||||||
Exercised |
— | — | ||||||||||||||
Forfeited or expired |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of June 30, 2022 |
$ |
$ |
||||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense |
$ |
$ | $ |
$ | ||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net cash proceeds |
$ | $ |
$ |
$ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Intrinsic value of options exercised |
$ | $ |
$ |
$ | ||||||||||||
|
|
|
|
|
|
|
|
Number of Restricted Stock Units Outstanding |
Weighted- Average Grant Date Fair Value |
|||||||
Unvested balance as of December 31, 2021 |
$ | |||||||
Granted |
||||||||
Vested |
( |
) | ||||||
Forfeited |
( |
) | ||||||
|
|
|
|
|||||
Unvested balance as of June 30, 2022 |
$ |
|||||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Grant-date fair value |
$ |
$ | $ |
$ | ||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense |
$ |
$ | $ |
$ | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Deemed dividends from grants to Cellectis employees |
$ |
$ | $ |
$ | ||||||||||||
|
|
|
|
|
|
|
|
Number of PSUs |
||||
Outstanding as of December 31, 2021: Issued |
|
| ||
Forfeited/canceled |
( |
) | ||
Exercised |
||||
|
|
|||
Outstanding as of June 30, 2022: |
||||
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense |
$ |
$ | $ |
$ | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
• | A lease for its headquarters and laboratory facilities in Roseville, MN which encompasses approximately |
• | An equipment financing arrangement that is considered a financing-type lease. This arrangement has a term of four years for each draw. The Company was required to deposit cash into a restricted account in an amount equal to the future rent payments required by the lease. As of June 30, 2022, restricted cash totaled $ |
• | A small number of short-term and immaterial leases for office equipment. |
As Reported December 31, 2021 |
Adoption of Lease Standard |
As Adjusted December 31, 2021 |
||||||||||
Assets |
||||||||||||
Land, buildings, and equipment |
$ | $ | ( |
) | $ | |||||||
Operating lease right-of-use assets |
||||||||||||
|
|
|
|
|
|
|||||||
$ | $ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|||||||
Liabilities and stockholders’ equity |
||||||||||||
Current portion of financing lease obligations |
$ | $ | ( |
) | $ | |||||||
Other current liabilities |
||||||||||||
Financing lease obligations |
( |
) | ||||||||||
Operating lease obligations |
||||||||||||
Accumulated deficit |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
$ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
As of June 30, 2022 |
||||||||
Remaining |
Right-of-Use |
|||||||
In Thousands |
Term (years) |
Asset |
||||||
Roseville, MN lease |
$ | |||||||
|
|
|||||||
Total |
$ | |||||||
|
|
In Thousands |
Three Months Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
||||||
Finance lease costs |
$ | $ | ||||||
Operating lease costs |
||||||||
Variable lease costs |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
In Thousands except for lease term and discount rate |
As of and for Six Months Ended June 30, 2022 |
|||||||
Operating |
Financing |
|||||||
Cash paid for amounts included in the measurement of lease liabilities: |
||||||||
Operating cash flows |
$ | $ | ||||||
Financing cash flows |
$ | $ | ||||||
Weighted average remaining lease term (years) |
||||||||
Weighted average discount rate |
% | % | ||||||
|
|
|
|
In Thousands |
Operating |
Financing |
Total |
|||||||||
Remainder of 2022 |
$ | $ | $ | |||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
2026 |
||||||||||||
2027 |
||||||||||||
Thereafter |
||||||||||||
|
|
|
|
|
|
|||||||
Less: imputed interest |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense: |
||||||||||||||||
Research and development |
$ |
$ | $ |
$ | ||||||||||||
Selling, general, and administrative |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
$ | $ |
$ | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Interest, net: |
||||||||||||||||
Interest expense |
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||
Interest income |
||||||||||||||||
Common stock warrants - financing costs amortization |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||
|
|
|
|
|
|
|
|
In Thousands |
As of June 30, 2022 |
As of December 31, 2021 |
||||||
Cash, cash equivalents, and restricted cash: |
||||||||
Cash and cash equivalents |
$ |
$ | ||||||
Restricted cash |
||||||||
Non-current restricted cash |
||||||||
|
|
|
|
|||||
Total |
$ |
$ | ||||||
|
|
|
|
As of June 30, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Interest paid |
$ |
$ | ||||||
|
|
|
|
As of June 30, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Receivable from Jefferies for shares issued under ATM facility |
$ |
( |
) |
$ | ||||
Non-cash additions to land, buildings, and equipment |
$ |
( |
) |
$ | ||||
Unpaid stock offering costs included in stockholders’ equity |
$ |
$ | ||||||
Cumulative effect of adoption of lease accounting standard on stockholders’ equity |
$ |
$ | ||||||
Establishment of operating lease right-of-use |
$ |
$ | ||||||
|
|
|
|
• | Research and development (R&D) expenses to continue to enhance the capabilities of its PlantSpring technology platform; |
• | R&D expenses and potential capital expenditures to expand its BioFactory production system from laboratory scale through various pilot vessel sizes; |
• | other R&D expenses to further develop traditional agriculture seed-trait product candidates for its licensee customers; |
• | to the extent not reimbursed by its customers, conducting regulatory studies and other associated activities for its current and future products under development; |
• | acquiring or in-licensing other products, technologies, germplasm, or other biological material; |
• | maintaining, protecting, expanding, and defending its intellectual property portfolio, including intellectual property related to the PlantSpring technology platform and BioFactory production system; |
• | seeking to attract and retain skilled personnel; |
• | identifying and negotiating agreements with customers, licensees, and infrastructure partners; and |
• | experiencing any delays or encountering issues with any of the above, including due to the COVID-19 pandemic and its impacts. |
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Three Months Ended June 30, |
||||||||||||||||
2022 |
2021 |
$ Change |
% Change |
|||||||||||||
(In thousands, except percentage values) |
||||||||||||||||
Revenue |
$ |
41 |
$ | 11,880 | $ | (11,839 | ) | (100 | )% | |||||||
Cost of goods sold |
— |
11,527 | (11,527 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
41 |
353 | (312 | ) | (88 | )% | ||||||||||
Research and development |
3,250 |
2,844 | 406 | 14 | % | |||||||||||
Selling, general, and administrative |
3,556 |
3,493 | 63 | 2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(6,765 |
) |
(5,984 | ) | (781 | ) | (13 | )% | ||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
1,528 | (1,528 | ) | (100 | )% | ||||||||||
Interest, net |
(16 |
) |
(357 | ) | 341 | 96 | % | |||||||||
Non-operating income (expenses) |
4,296 |
6 | 4,290 | 71,500 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ | 2,322 | 48 | % | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share |
$ |
(0. |
) | $ | (0.13 | ) | $ | 0.08 | 62 | % | ||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA 1 |
$ | (4,815 |
) |
$ | (5,814 | ) | $ | 999 | 17 | % | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
2022 |
2021 |
$ Change |
% Change |
|||||||||||||
(In thousands, except percentage values) |
||||||||||||||||
Revenue |
$ |
73 |
$ | 16,282 | $ | (16,209 | ) | (100 | )% | |||||||
Cost of goods sold |
— |
18,272 | (18,272 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
73 |
(1,990 | ) | 2,063 | 104 | % | ||||||||||
Research and development |
6,191 |
5,894 | 297 | 5 | % | |||||||||||
Selling, general, and administrative |
6,736 |
7,781 | (1,045 | ) | (13 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(12,854 |
) |
(15,665 | ) | 2,811 | 18 | % | |||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
1,528 | (1,528 | ) | (100 | )% | ||||||||||
Interest, net |
(33 |
) |
(703 | ) | 670 | 95 | % | |||||||||
Non-operating income (expenses) |
4,783 |
5 | 4,778 | 95,560 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(8,104 |
) |
(14,835 | ) | $ | 6,731 | 45 | % | |||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share |
$ |
(0.18 |
) |
(0.40 | ) | $ | 0.22 | 55 | % | |||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA 1 |
$ |
(9,769 |
) |
(12,641 | ) | $ | 2,872 | 23 | % | |||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, | ||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Net loss |
$ |
(8,104 |
) |
$ | (14,835 | ) | $ | 6,731 | 45 | % | ||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | 1,528 | 100 | % | ||||||||||
Depreciation and amortization expenses |
763 |
1,180 | (417 | ) | (35 | )% | ||||||||||
Stock-based compensation |
1,855 |
(371 | ) | 2,226 | 600 | % | ||||||||||
Unrealized (gain) loss on mark-to-market of common stock warrants |
(4,723 |
) |
— | (4,723 | ) | NM | ||||||||||
Changes in operating assets and liabilities |
(1,067 |
) |
4,305 | (5,372 | ) | (125 | )% | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used by operating activities |
$ |
(11,276 |
) |
$ | (11,249 | ) | $ | (27 | ) | NM | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Proceeds from sales of short-term investments |
$ |
— |
$ | 11,698 | $ | (11,698 | ) | (100 | )% | |||||||
Purchases of land, buildings, and equipment |
(1,289 |
) |
(307 | ) | (982 | ) | (320 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash (used by) provided by investing activities |
$ |
(1,289 |
) |
$ | 11,391 | $ | (12,680 | ) | (111 | )% | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Proceeds from common stock issuance |
$ |
11,209 |
$ | — | $ | 11,209 | NM | |||||||||
Costs incurred related to the issuance of stock |
(961 |
) |
— |
(961 | ) | NM | ||||||||||
Repayments of financing lease obligations |
(190 |
) |
(178 | ) | (12 | ) | (7 | )% | ||||||||
Proceeds from the exercise of stock options |
— |
227 | (227 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by financing activities |
$ |
10,058 |
$ | 49 | 10,009 | 20,427 | % | |||||||||
|
|
|
|
|
|
|
|
As of June 30, 2022 |
||||
Estimated fair value of Common Warrants |
$ |
0.09 |
||
Assumptions: |
||||
Risk-free interest rate |
3.0 |
% | ||
Expected volatility |
85.0 |
% | ||
Expected term to liquidation (in years) |
5.2 |
|||
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net loss (GAAP measure) |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ |
(8,104 |
) |
$ | (14,835 | ) | ||||
Non-GAAP adjustments: |
||||||||||||||||
Commodity derivative impact, net |
— |
(658 | ) | — |
(447 | ) | ||||||||||
Net realizable value adjustment to inventories |
— |
(859 | ) | — |
(72 | ) | ||||||||||
Section 16 officer transition expenses |
116 |
13 | 232 |
2,734 | ||||||||||||
Recapture of non-cash stock compensation |
— |
— | — |
(2,540 | ) | |||||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | — |
(1,528 | ) | ||||||||||
Non-operating income (expenses) |
(4,296 |
) |
(6 | ) | (4,783 |
) |
(5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted net loss |
$ |
(6,665 |
) |
$ | (7,845 | ) | $ |
(12,655 |
) |
$ | (16,693 | ) | ||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net loss per share (GAAP measure) |
$ |
(0.05 |
) |
$ | (0.13 | ) | $ |
(0.18 |
) |
$ | (0.40 | ) | ||||
Non-GAAP adjustments: |
||||||||||||||||
Commodity derivative impact, net |
— |
(0.02 | ) | — |
(0.01 | ) | ||||||||||
Net realizable value adjustment to inventories |
— |
(0.02 | ) | — |
— | |||||||||||
Section 16 officer transition expenses |
— |
— | 0.01 |
0.07 | ||||||||||||
Recapture of non-cash stock compensation |
— |
— | — |
(0.07 | ) | |||||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(0.04 | ) | — |
(0.04 | ) | ||||||||||
Non-operating income (expenses) |
(0.09 |
) |
— | (0.11 |
) |
— | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted net loss per share |
$ |
(0.14 |
) |
$ | (0.21 | ) | $ |
(0.28 |
) |
$ | (0.45 | ) | ||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net loss (GAAP measure) |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ |
(8,104 |
) |
$ | (14,835 | ) | ||||
Non-GAAP adjustments: |
||||||||||||||||
Interest, net |
16 |
357 | 33 |
703 | ||||||||||||
Depreciation and amortization expenses |
393 |
595 | 763 |
1,180 | ||||||||||||
Operating lease right-of-use asset amortization expenses |
118 |
— | 235 |
— | ||||||||||||
Stock-based compensation expenses |
1,323 |
1,079 | 1,855 |
(371 | ) | |||||||||||
Commodity derivative impact, net |
— |
(658 | ) | — |
(447 | ) | ||||||||||
Net realizable value adjustment to inventories |
— |
(859 | ) | — |
(72 | ) | ||||||||||
Section 16 officer transition expenses |
116 |
13 | 232 |
2,734 | ||||||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | — |
(1,528 | ) | ||||||||||
Non-operating income (expenses) |
(4,296 |
) |
(6 | ) | (4,783 |
) |
(5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
(4,815 |
) |
$ | (5,814 | ) | $ |
(9,769 |
) |
$ | (12,641 | ) | ||||
|
|
|
|
|
|
|
|
(a) | Index of Exhibits |
* | Filed herewith |
† | Indicates management contract or compensatory plan. |
CALYXT, INC. | ||
By: | /s/ Michael A. Carr | |
Name: | Michael A. Carr | |
Title: | President & Chief Executive Officer (Principal Executive Officer) | |
By: | /s/ William F. Koschak | |
Name: | William F. Koschak | |
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |