UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 8, 2022, Codex DNA, Inc. (“the Company”) issued a press release (the “Earnings Release”) announcing results for the quarter ended September 30, 2022. A copy of the Earnings Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information under Item 2.02 in this current report on Form 8-K and the related information in the Earnings Release attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TELESIS BIO INC. |
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Date: |
November 8, 2022 |
By: |
/s/ Brent Hunter |
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Brent Hunter |
Exhibit 99.1
Telesis Bio Inc. Reports Third Quarter 2022 Financial Results
-- Record revenue of $6.7M in 3QFY22; Increase of 140% over $2.8M 3QFY21
-- BioXp® Kit Revenue increased to $884k, or 69% in 3QFY22 over 3QFY21
-- Increases revenue guidance to $23 million to $25 million for the full year fiscal 2022
SAN DIEGO, Calif.--(BUSINESS WIRE)—November 8, 2022—Telesis Bio Inc. (NASDAQ: DNAY), a company enabling customers to accelerate the reading and writing of biology, today reported financial results and business highlights for the third quarter ended September 30, 2022.
“We are continuing to execute to our plan of being the leader in benchtop automation for synthetic biology, multiomics and next-gen sequencing,” said Todd R. Nelson, Ph.D., CEO and Founder of Telesis Bio.
Dr. Nelson continued, "Beginning in Q1 of 2023, we will release additional BioXp® kits that will enable our customers to begin the cloning, amplification, and mRNA synthesis process from the customer’s own linear DNA or plasmid DNA. We believe providing scientists the flexibility to begin with their own materials as an optional starting point will further expand the utility, speed, and impact of our systems. This will allow us to deliver increased value to our customers and to access a significantly larger portion of the customer base. The new kits will also position us well to take increased share of the synthetic biology and multiomics markets, grow our revenue, and improve our margins.”
THIRD QUARTER 2022 FINANCIAL RESULTS
Recent Highlights
Updated 2022 Financial Guidance
For the full fiscal year 2022, Telesis Bio provided the following updated financial guidance:
Webcast and Conference Call Information
Company management will host a conference call today, November 8, 2022, at 1:30 p.m. PDT / 4:30 p.m. EDT to discuss the financial results and other recent corporate highlights.
The press release and live audio webcast can be accessed via the Investor section of Telesis Bio’s website at www.telesisbio.com. The conference call can be accessed by registering at the following link: https://register.vevent.com/register/BI49e33f1c6b4f43358b820bbfd7b78ed6
Once registered, participants can dial in with an assigned personal PIN number or select the ‘Call Me’ option for an instant dial to your phone. Please log in approximately 5-10 minutes before the event to ensure a timely connection. The archived webcast will remain available for replay on Telesis Bio’s website for 30 days.
About Telesis Bio
Telesis Bio is empowering scientists with the ability to create novel, synthetic biology-enabled solutions for many of humanity’s greatest challenges. As inventors of the industry-standard Gibson Assembly® method and the first commercial automated benchtop DNA and mRNA synthesis system, Telesis Bio is enabling rapid, accurate and reproducible writing of DNA and mRNA for numerous downstream markets. The award-winning BioXp® system consolidates, automates, and optimizes the entire synthesis, cloning and amplification workflow. As a result, it delivers virtually error-free synthesis of DNA and RNA at scale within days and hours instead of weeks or months. Scientists around the world are using the technology in their own laboratories to accelerate the design-build-test paradigm for novel, high-value products for precision medicine, biologics drug discovery, vaccine and therapeutic development, genome editing, and cell and gene therapy. Telesis Bio is a public company based in San Diego. For more information, visit www.telesisbio.com.
Telesis Bio, the Telesis Bio logo, Gibson Assembly, and BioXp are trademarks of Telesis Bio Inc.
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include statements and guidance regarding Telesis Bio’s future financial performance as well as statements regarding the future release and success of new and existing products and services. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled Risk Factors and elsewhere in our Quarterly Report on Form 10-Q, which is anticipated to be filed with the Securities and Exchange Commission on November 9, 2022. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Telesis Bio disclaims any obligation to update these forward-looking statements.
Telesis Bio Inc.
Selected Balance Sheet Financial Data
(in thousands)
(unaudited)
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Septmber 30, |
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December 31, |
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2022 |
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2021 |
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Balance Sheet Data: |
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Cash, restricted cash, cash equivalents and short-term investments |
$ |
49,930 |
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$ |
82,806 |
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Working capital |
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49,377 |
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83,451 |
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Total assets |
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88,142 |
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116,257 |
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Total liabilities |
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34,834 |
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25,473 |
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Accumulated deficit |
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(105,609 |
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(65,270 |
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Total stockholders’ equity |
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53,308 |
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90,784 |
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Telesis Bio Inc.
Selected Statements of Operations Financial Data
(in thousands, except per share amounts)
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(unaudited) |
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(unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue: |
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Product sales |
$ |
4,723 |
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$ |
2,180 |
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$ |
12,943 |
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$ |
6,099 |
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Royalties and other revenue |
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1,952 |
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606 |
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5,023 |
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1,866 |
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Total revenue |
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6,675 |
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2,786 |
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17,966 |
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7,965 |
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Cost of revenue |
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3,016 |
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1,624 |
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8,817 |
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4,548 |
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Gross Profit |
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3,659 |
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1,162 |
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9,149 |
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3,417 |
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Operating expenses: |
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Research and development |
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5,816 |
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3,593 |
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19,321 |
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9,217 |
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Sales and marketing |
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3,833 |
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2,955 |
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11,808 |
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7,881 |
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General and administrative |
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5,261 |
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4,055 |
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16,621 |
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9,596 |
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Total operating expenses |
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14,910 |
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10,603 |
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47,750 |
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26,694 |
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Loss from operations |
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(11,251 |
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(9,441 |
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(38,601 |
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(23,277 |
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Interest expense, net |
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(319 |
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(381 |
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(954 |
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(1,001 |
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Change in fair value of derivative liabilities |
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(17 |
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15 |
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(21 |
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(1,532 |
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Loss on extinguishment of debt |
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(727 |
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— |
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(727 |
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(618 |
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Other income (expense), net |
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6 |
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(13 |
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(18 |
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(29 |
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Provision for income taxes |
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(6 |
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(4 |
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(18 |
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(10 |
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Net loss |
$ |
(12,314 |
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$ |
(9,824 |
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$ |
(40,339 |
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$ |
(26,467 |
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Net loss per share, basic and diluted |
$ |
(0.42 |
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$ |
(0.34 |
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$ |
(1.37 |
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$ |
(1.83 |
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Weighted average common shares used to compute net loss per share, basic and diluted |
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29,518,955 |
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29,299,769 |
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29,429,393 |
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14,485,161 |
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Contact:
Brent Hunter
Vice President of Finance
finance@telesisbio.com