BILLERICA, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- SeqLL Inc. ("SeqLL" or the "Company") (NASDAQ: SQL; SQLLW), a technology company providing life sciences instrumentation and research services in collaborative partnerships aimed at the development of novel scientific assets and intellectual property, today announced its operating and financial results for the first quarter ended March 31, 2021, and provided a corporate update.
"We continue rapidly with our progress across multiple developmental programs around novel asset creation using SeqLL's tSMS® platform," said Daniel Jones, CEO, President, and Co-Founder of SeqLL. "Our team is focused on developing improved genetic tools for researchers, so they can better understand and detect the molecular mechanisms of disease which are essential for the continued development of new breakthroughs in genomic medicine."
Recent Business Highlights
- Announced the formation of a Scientific Advisory Board comprised of distinguished and world-renowned leaders of the scientific community. The SAB will discuss with management potential new development opportunities that leverage the Company's unique True Single Molecule Sequencing (tSMS) technology across the "omics" fields, as well as advise management with their existing collaborative, scientific, & development partnerships. Each leader has previously utilized the tSMS platform and will leverage their expertise to provide valuable insight to our company.
First Quarter 2022 Results and Financial Highlights
- Our revenues during the three-month period ended March 31, 2022, were $47,482 as compared to revenues of $60,733 during the three-month period ended March 31, 2021, representing a decrease of $13,251, or 22%. During the three-month period ended March 31, 2022, revenue included grants of $47,482 and no revenues from product sales and research services as compared to revenue in the same period of 2021 from product sales of $15,600, grants of $34,633 and $10,500 in research services. The decrease in revenue was due to the reduction in research services and business activities due to the Company's relocation to Billerica, Massachusetts. This relocation resulted in the Company temporarily not having facilities that were sufficient to perform its research services and business activities. The Company expects to resume normal operations in the second half of 2022.
- Gross profit for the three-month period ended March 31, 2022 was $47,482, as compared to gross profit of $32,782 for the three-month periods ended March 31, 2021, which represents a 45% increase primarily due to the fact that the Company had no sales of products or services during the three-month period ended March 31, 2022 due to its relocation to Billerica, Massachusetts.
- Research and development expenses increased by $316,715, or 1,764%, from $17,955 for the three-month period ended March 31, 2021 compared to $334,670 for the three-month period ended March 31, 2022. The increase in expenses was a result of our progressive return to research and development activities to levels of pre-COVID-19 pandemic. We expect these expenditures to increase over 2022 and beyond as we increase our research and development efforts to pre-pandemic levels.
- General and administrative expenses increased by $197,485, or 51%, from $387,387 for the three-month period ended March 31, 2021 compared to $584,872 for the three-month period ended March 31, 2022. The increase was primarily attributable to increased operating expenses as a public company, including the addition of accounting, legal and audit related expenses, of which approximately $100,000 is related to increased payroll expense and approximately $60,000 is related to the addition of director and officer insurance. General and administrative expenditures will continue to increase during 2022 to support ongoing financial reporting and compliance activities.
- We recognized interest expense of $16,806 and $107,801 in the three-month periods ended March 31, 2022 and 2021, respectively, representing a decrease of $90,995, or 84%. The decrease in interest expense was due to a decrease in our outstanding indebtedness as a result of the conversion of $2.1 million in notes to equity concurrently with the consumption of our initial public offering on August 31, 2021. We recognized $51,816 in net realized and unrealized losses on the marketable securities during the three-month period ended March 31, 2022. We did not hold such investments during the three-month period ended March 31, 2021.
- We recognized a loss on extinguishment of debt totaling $934,257 in the three-month period ended March 31, 2021 related to certain convertible notes. The loss on the extinguishment of debt represented the excess of the fair value of these convertible notes totaling $3,075,987 over their carrying value of $2,141,730 at their amendment date in the first quarter of 2021. We did not incur such losses in the three-month period ended March 31, 2022.
- Our net loss decreased by $476,664, or 34%, to $937,954 as compared to $1,414,618 for the period ended March 31, 2021 due to the loss on extinguishment of convertible notes in the three-month period ended March 31, 2021 in the amount of $934,257, when no such loss occurred during the period ended March 31, 2022. This reduction was offset by an increase in the operating expenses of $514,200 when comparing the three-month period ended March 31, 2022 to the same period in the prior year.
- Cash and cash equivalents, as of March 31, 2022, were $8.9 million.
- As of March 31, 2022, the Company had 11,886,379 shares of common stock outstanding.
About True Single Molecule Sequencing (tSMS) Technology
SeqLL's collaborators are thoroughly committed to using only our tSMS platform in their scientific research due to its unique RNA and DNA sequencing and related services. Our true single molecule sequencing platform is NGS technology offers maximum flexibility and avoids many of the challenges common for standard NGS approaches. It that enables direct sequencing of millions of individual molecules not requiring PCR amplification at any stage of the process and a simple, economical sample prep protocols. Therefore, it captures a precise sample composition, without bias and loss of diversity and rare species. Our tSMS platform is ideally suited for RNA biomarker discovery and diagnostic assay developments, including challenging applications for the standard NGS platform, such as low quantity, difficult or degraded samples of cell-free DNA, FFPE-isolated nucleic acids, ancient DNA and forensic samples.
About SeqLL, Inc.
SeqLL Inc. ("SeqLL") is a technology company providing life sciences instrumentation and research services in collaborative partnerships aimed at the development of novel scientific assets and intellectual property across multiple "omics" fields. The Company leverages its expertise with its True Single Molecule Sequencing ("tSMS®") platform to empower scientists and researchers with improved genetic tools to better understand the molecular mechanisms of disease that is essential to the continued development of new breakthroughs in genomic medicine, and that hopefully address the critical concerns involved with today's precision medicine. In sum, our experienced team works with our collaborators to develop innovative solutions tailored to the needs of each specific project.
Forward Looking Statements
This press release contains certain forward-looking statements, including those related to the applicability and viability of the Company's technology to quantifying RNA molecules from blood and other statements that are predictive in nature. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its registration statement on Form S-1, as amended, under the caption "Risk Factors."
Contacts:
Ashley R. Robinson
LifeSci Advisors, LLC
Tel: +1 (617) 430-7577
Email: arr@lifesciadvisors.com
SeqLL Inc. |
Condensed Consolidated Balance Sheets |
| | March 31, | | December 31, |
| | | 2022 | | | | 2021 | |
| Assets | (Unaudited) | | |
Current assets | | | |
| Cash and cash equivalents | $ | 8,859,317 | | | $ | 4,015,128 | |
| Marketable securities | | - | | | | 5,933,364 | |
| Accounts receivable, net | | 29,514 | | | | 30,714 | |
| Other receivables | | 125,672 | | | | 34,965 | |
| Inventory | | 228,533 | | | | 224,155 | |
| Prepaid expenses | | 123,118 | | | | 186,056 | |
| Total current assets | | 9,366,154 | | | | 10,424,382 | |
Other assets | | | |
| Property and equipment, net | | 255,490 | | | | 265,267 | |
| Operating lease right-of-use asset | | 1,455,194 | | | | - | |
| Other assets | | 111,250 | | | | 50,488 | |
Total assets | $ | 11,188,088 | | | $ | 10,740,137 | |
| Liabilities and Stockholders' Equity (Deficit) | | | |
Current liabilities | | | |
| Accounts payable | $ | 624,449 | | | $ | 871,364 | |
| Accrued expenses | | 327,418 | | | | 311,405 | |
| Non-convertible promissory notes - current | | 1,375,000 | | | | 1,375,000 | |
| Current portion of operating lease liability | | 27,068 | | | | - | |
| Total current liabilities | | 2,353,935 | | | | 2,557,769 | |
Non-current liabilities | | | |
| Operating lease liability, less current portion | | 1,533,825 | | | | - | |
| Total non-current liabilities | | 1,533,825 | | | | - | |
Total liabilities | | 3,887,760 | | | | 2,557,769 | |
Commitments and contingencies (Note 11) | | | |
Stockholders' equity (deficit) | | | |
| Common stock, $0.00001 par value; 80,000,000 shares authorized; 11,886,379 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | | 119 | | | | 119 | |
| Additional paid-in capital | | 22,652,014 | | | | 22,596,100 | |
| Accumulated deficit | | (15,351,805 | ) | | | (14,413,851 | ) |
Total stockholders' equity (deficit) | | 7,300,328 | | | | 8,182,368 | |
Total liabilities and stockholders' equity (deficit) | $ | 11,188,088 | | | $ | 10,740,137 | |
SeqLL Inc. |
Condensed Consolidated Statements of Operations |
(Unaudited) |
| | Three months ended March 31, | |
| | | 2022 | | | | 2021 | | |
Revenue | | | | |
| Sales | $ | - | | | $ | 26,100 | | |
| Grant revenue | $ | 47,482 | | | | 34,633 | | |
| Total revenue | $ | 47,482 | | | | 60,733 | | |
Cost of sales | $ | - | | | | 27,951 | | |
Gross profit | $ | 47,482 | | | | 32,782 | | |
Operating expenses | | | | |
| Research and development | $ | 334,670 | | | | 17,955 | | |
| General and administrative | $ | 584,872 | | | | 387,387 | | |
| Total operating expenses | $ | 919,542 | | | | 405,342 | | |
Operating loss | $ | (872,060 | ) | | | (372,560 | ) | |
Other (income) and expenses | | | | |
| Realized loss on marketable securities, net | $ | 51,816 | | | | - | | |
| Investment and other income | $ | (2,728 | ) | | | - | | |
| Loss on extinguishment of convertible notes | $ | - | | | | 934,257 | | |
| Interest expense | $ | 16,806 | | | | 107,801 | | |
| Net loss | $ | (937,954 | ) | | $ | (1,414,618 | ) | |
Net loss per share - basic and diluted | $ | (0.08 | ) | | $ | (0.29 | ) | |
Weighted average common shares - basic and diluted | $ | 11,886,379 | | | | 4,864,862 | | |
ユニバーサル通信社マサチューセッツ州ビュルリカ、2022年5月13日--SeqLL Inc.(以下“SeqLL”または“会社”と略す)(ナスダックコード:SQL;SQLW)、パートナー関係で生命科学機器と研究サービスを提供し、新しい科学資産と知的財産権を開発するための技術会社は、今日2021年3月31日までの第1四半期の経営と財務業績を発表し、会社の最新状況を提供した。
SeqLLの共同創業者で共同創業者のDaniel·ジョーンズ氏は、“SeqLLのTSMS®プラットフォームを使用して、新しい資産創出をめぐる複数の開発プロジェクトを迅速に進めていきたい”と話している。私たちのチームは研究者のために改善された遺伝ツールを開発することに集中して、彼らは疾病の分子機序をよりよく理解し、検出することができ、これはゲノム医学の新しい突破を発展させるために重要である
最近の業務のハイライト
- 科学界の傑出した指導者と世界的に有名な指導者からなる科学諮問委員会の設立を発表した。SABは管理層と潜在的な新しい発展機会を討論し、会社の“組織学”領域の独特な真単分子シークエンシング(TSM)技術を利用して、管理層の現有の協力、科学と開発パートナーシップと提案を提供する。いずれのリーダーもこれまでTSMSプラットフォームを使用しており,彼らの専門知識を利用してわが社に貴重な知見を提供するであろう。
2022年第1四半期の業績と財務のハイライト
- 2022年3月31日までの3カ月間の収入は47,482ドルだったが、2021年3月31日までの3カ月間の収入は60,733ドルと13,251ドル減少し、減少幅は22%だった。2022年3月31日までの3ヶ月間の収入には、贈与47482ドルが含まれ、製品販売や研究サービスからの収入はなかったが、2021年同期の製品販売収入は15600ドル、贈与は34633ドル、研究サービス収入は10500ドルだった。収入減少は,研究サービスや業務活動がマサチューセッツ州ペレリカへの会社移転により減少したためである。この移転により、同社にはその研究サービスや業務活動を実行するのに十分な施設が一時的になかった。会社は2022年下半期に正常な運営に戻る予定だ。
- 2022年3月31日までの3カ月分の毛利は47,482ドルであったが、2021年3月31日までの3カ月の毛利は32,782ドルと45%に増加したが、これは主にマサチューセッツ州ペレリカへの会社の移転により2022年3月31日までの3カ月間に製品やサービスが販売されていないためである。
- 2021年3月31日までの3カ月間で,研究開発費は2021年3月31日までの3カ月の17,955ドルより316,715ドル増加し,1764%増加したが,2022年3月31日までの3カ月の研究開発費は334,670ドルであった。費用の増加は著者らの研究開発活動が徐々に新冠肺炎疫病発生前のレベルに回復したためである。研究·開発努力が大流行前のレベルに向上するにつれ、これらの支出は2022年以降に増加すると予想される。
- 2021年3月31日までの3カ月間、一般·行政費は2021年3月31日までの3カ月間の387,387ドルより197,485ドル、または51%増加したが、2022年3月31日までの3カ月は584,872ドルだった。この増加は主に上場企業の運営費の増加によるものであり,会計,法律,監査関連費用の増加を含め,そのうち約100,000ドルは増加した賃金支出に関係しており,約60,000ドルは役員や役人保険の増加に関係している。2022年には、持続的な財務報告およびコンプライアンス活動を支援するために、一般的かつ行政的支出が増加し続ける。
- 2022年3月31日と2021年3月31日までの3ヶ月間、私たちが確認した利息支出はそれぞれ16,806ドルと107,801ドルで、90,995ドル減少し、下げ幅は84%だった。利息支出の減少は、2021年8月31日に株式を初公開すると同時に、210万ドルの手形を株式に変換し、私たちの未返済債務を減少させたからだ。2022年3月31日までの3カ月間、51,816ドルの実現と未実現純損失を確認した。2021年3月31日までの3ヶ月間、私たちはこのような投資を持っていなかった。
- 2021年3月31日までの3ヶ月間、ある転換可能な手形に関する債務弁済損失は合計934,257ドルであることが確認された。債務清算損失はこの等転換可能手形の公正価値合計3,075,987ドルであり、2021年第1四半期改訂日の帳簿価値2,141,730ドルを超えている。2022年3月31日までの3ヶ月間、私たちはこのような損失を発生させなかった。
- 2021年3月31日現在の1,414,618ドルと比較して、我々の純損失は476,664ドル、または34%減少し、937,954ドルに低下したのは、2021年3月31日までの3カ月間の転換手形終了損失934,257ドルであり、2022年3月31日までの間にこのような損失が発生しなかったためである。前年同期と比較して、2022年3月31日までの3カ月間の営業費用は514,200ドル増加し、この減少額を相殺した。
- 2022年3月31日現在、現金と現金等価物は890万ドル。
- 同社は2022年3月31日現在、11,886,379株の普通株を発行している。
真単分子シークエンシング(TSMS)技術について
SeqLLの協力者は独自のRNAとDNAシークエンシングと関連サービスを持っているため、彼らの科学研究において私たちのTSMSプラットフォームのみを使用することに完全に取り組んでいる。著者らの真の単分子配列測定プラットフォームはNGS技術であり、最大の柔軟性を提供し、標準NGS方法によく見られる多くの挑戦を避けた。それは数百万個の単独の分子を直接配列決定することができ、プロセスのいかなる段階でPCR増幅を行う必要がなく、簡単で経済的なサンプル調製方案を必要としない。したがって,正確な試料組成を捕獲し,偏見がなく,多様性や希少種の損失はなかった。我々のTSMSプラットフォームは、標準NGSプラットフォームの挑戦的な応用、例えば低数量、困難或いは分解した無細胞DNAサンプル、FFPE単離された核酸、古代DNAと法医学サンプルを含むRNAバイオマーカーの発見と診断分析開発に非常に適している。
SeqLL会社の概要
SeqLL Inc.(“SeqLL”)はパートナー関係で生命科学機器と研究サービスを提供する技術会社であり、複数の“グループ学”領域にまたがって新しい科学資産と知的財産権を開発することを目的としている。同社はその真の単分子シークエンシング(“TSMS®”)プラットフォームの専門知識を利用して、科学者と研究者に改善した遺伝子ツールを提供し、彼らが疾病の分子機序をもっとよく理解できるようにし、これはゲノム医学の新しい突破の持続的な発展に重要であり、そして現在の精確な医学と関連する肝心な問題を解決することが期待できる。つまり、私たちの経験豊富なチームは、私たちの協力者と共に特定のプロジェクトごとのニーズに応じてカスタマイズされた革新的な解決策を開発しています。
前向きに陳述する
本プレスリリースは、同社が血液中のRNA分子を定量化する技術の適用性および実行可能性に関連する陳述、および他の予測性を有する陳述を含むいくつかの前向きな陳述を含む。展望的な陳述は会社の現在の期待と仮定に基づいている。1995年の“個人証券訴訟改革法”は展望性陳述に避難港を提供した。これらの表現は、“予想”、“予想”、“意図”、“計画”、“信じ”、“推定”、“潜在”、“予測”、“プロジェクト”、“すべき”、“将”および同様の表現およびこれらの用語の否定を含むが、前向き表現を使用することによって識別することができる。このような前向きな陳述に過度に依存しないように潜在的投資家を戒める。これらの陳述は、本報告の発表日にのみ発表される。会社は、新しい情報、未来の事件、その他の理由でも、いかなる前向きな陳述も公開更新する義務を負わない。実際の結果が前向き陳述と大きく異なることをもたらす可能性のある重要な要素は、“リスク要因”のタイトル下のS−1表登録陳述を含む、同社が証券取引委員会に提出した文書に記載されている
連絡先:
アシュリー·R·ロビンソン
生活科学コンサルタント有限責任会社
電話番号:+1(617)430-7577
Eメール:arr@lifescivisors.com
SeqLL Inc. |
簡明総合貸借対照表 |
| | 3月31日 | | 十二月三十一日 |
| | | 2022 | | | | 2021 | |
| 資産 | (未監査) | | |
流動資産 | | | |
| 現金と現金等価物 | $ | 8,859,317 | | | $ | 4,015,128 | |
| 有価証券 | | - | | | | 5,933,364 | |
| 売掛金純額 | | 29,514 | | | | 30,714 | |
| その他売掛金 | | 125,672 | | | | 34,965 | |
| 在庫品 | | 228,533 | | | | 224,155 | |
| 前払い費用 | | 123,118 | | | | 186,056 | |
| 流動資産総額 | | 9,366,154 | | | | 10,424,382 | |
その他の資産 | | | |
| 財産と設備、純額 | | 255,490 | | | | 265,267 | |
| 経営的リース使用権資産 | | 1,455,194 | | | | - | |
| その他の資産 | | 111,250 | | | | 50,488 | |
総資産 | $ | 11,188,088 | | | $ | 10,740,137 | |
| 負債と株主権益(赤字) | | | |
流動負債 | | | |
| 売掛金 | $ | 624,449 | | | $ | 871,364 | |
| 費用を計算する | | 327,418 | | | | 311,405 | |
| 本チケットを変換できません--流動手形 | | 1,375,000 | | | | 1,375,000 | |
| 賃貸負債の当期部分を経営する | | 27,068 | | | | - | |
| 流動負債総額 | | 2,353,935 | | | | 2,557,769 | |
非流動負債 | | | |
| 賃貸負債を経営し、流動分を差し引く | | 1,533,825 | | | | - | |
| 非流動負債総額 | | 1,533,825 | | | | - | |
総負債 | | 3,887,760 | | | | 2,557,769 | |
引受金及び又は有事項(付記11) | | | |
株主権益 | | | |
| 普通株、額面0.00001ドル;発行許可8000万株;2022年3月31日と2021年12月31日まで、発行済み株11,886,379株 | | 119 | | | | 119 | |
| 追加実収資本 | | 22,652,014 | | | | 22,596,100 | |
| 赤字を累計する | | (15,351,805 | ) | | | (14,413,851 | ) |
株主権益合計 | | 7,300,328 | | | | 8,182,368 | |
総負債と株主権益(赤字) | $ | 11,188,088 | | | $ | 10,740,137 | |
SeqLL Inc. |
簡明総合業務報告書 |
(未監査) |
| | 3か月まで 3月31日 | |
| | | 2022 | | | | 2021 | | |
収入.収入 | | | | |
| 売上高 | $ | - | | | $ | 26,100 | | |
| 奨学金収入 | $ | 47,482 | | | | 34,633 | | |
| 総収入 | $ | 47,482 | | | | 60,733 | | |
販売コスト | $ | - | | | | 27,951 | | |
毛利 | $ | 47,482 | | | | 32,782 | | |
運営費 | | | | |
| 研究開発 | $ | 334,670 | | | | 17,955 | | |
| 一般と行政 | $ | 584,872 | | | | 387,387 | | |
| 総運営費 | $ | 919,542 | | | | 405,342 | | |
営業損失 | $ | (872,060 | ) | | | (372,560 | ) | |
その他(収入)と支出 | | | | |
| 有価証券はすでに赤字を達成しており,純額 | $ | 51,816 | | | | - | | |
| 投資やその他の収入 | $ | (2,728 | ) | | | - | | |
| 転換可能手形清算損失 | $ | - | | | | 934,257 | | |
| 利子支出 | $ | 16,806 | | | | 107,801 | | |
| 純損失 | $ | (937,954 | ) | | $ | (1,414,618 | ) | |
1株当たり純損失--基本損失と赤字 | $ | (0.08 | ) | | $ | (0.29 | ) | |
加重平均普通株-基本普通株式と希釈普通株 | $ | 11,886,379 | | | | 4,864,862 | | |