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:
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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 May 11, 2023, Telesis Bio Inc. (“the Company”) issued a press release (the “Earnings Release”) announcing results for the quarter ended March 31, 2023. 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: |
May 11, 2023 |
By: |
/s/ Todd R. Nelson |
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Todd R. Nelson |
Exhibit 99.1
Telesis Bio Reports First Quarter 2023 Financial Results
-- Total revenue of $6.3M in 1QFY23
-- BioXp® franchise revenue increased by 28%
SAN DIEGO, May 11, 2023 (GLOBE NEWSWIRE) -- Telesis Bio Inc. (NASDAQ: TBIO), a leader in automated multi-omic and synthetic biology solutions, today reported financial results for the first quarter of 2023.
“We are pleased with our company’s performance this quarter where we delivered 28% growth year over year in BioXp franchise revenue while improving gross margins and holding operating expenses steady,” said Todd R. Nelson, PhD, CEO, and founder of Telesis Bio. “We believe we are still in the early stages of adoption within our targeted workflows and our value proposition to researchers will continue to increase. Our positive results are a testament to the thoughtful planning and the steady execution of our team. We remain laser focused on operating expenses as we move towards a time where we can become a profitable company.”
Highlights
Continued to execute its commercial strategy:
Delivered operational milestones, including:
The company’s expectation is that these insourcing efforts will be substantially completed by year-end and that full financial benefit will be realized in 2024.
First Quarter 2023 Financial Results
Revenue was $6.3 million for the first quarter 2023, a 12.1% increase from $5.6 million for the same period in the prior year. This growth was primarily driven by product sales from new product introductions, including the BioXp 9600.
Cost of revenue for the first quarter 2023 was $2.81 million, compared to $2.86 million for the same period in the prior year. The decrease of $0.05 million, despite the increase in revenues was primarily driven by a change in product mix with the launch of the higher margin 9600 system during the latter half of 2022, and the sale of kits with higher average margins.
Gross margin for the first quarter 2023 was 55.6%, compared to 49.3% for the same period in the prior year. The favorable change reflects the positive mix shift in revenue from recently launched products including the BioXp 9600 system, as well as new kits for mRNA, long fragment builds, and cell free DNA scale-up.
Operating expenses were $14.5 million for the first quarter 2023, compared to $15.6 million for the same period in the prior year. This decrease is primarily a result of prudent cost-cutting decisions made a year ago in Q2 2022 to focus the team on the most profitable and near-term opportunities.
Net loss was $11.1 million for the first quarter 2023, compared to a loss of $13.2 million in the same period in the prior year. Net loss per share was $0.37 for the fourth quarter of 2022, compared to $0.45 for the corresponding prior year period.
Cash and cash equivalents were $32.2 million as of March 31, 2023.
Webcast and Conference Call Information
Company management will host a conference call today, Thursday, May 11, 2023, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time 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 ir.telesisbio.com and the conference call can be accessed live by pre-registering here: https://register.vevent.com/register/BIf9b7641fab2948fca7b1ec1d400ceec4. Please log in approximately 5-10 minutes before the event to ensure a timely connection. The archived webcast will remain available for replay on our 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 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 22, 2023, as amended on May 1, 2023. 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.
Contact:
Jen Carroll
Vice President of Investor Relations
jen.carroll@telesisbio.com
Telesis Bio Inc.
Selected Statements of Operations Financial Data
(in thousands, except per share amounts)
(unaudited)
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Three Months Ended |
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2023 |
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2022 |
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Revenue: |
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Product sales |
$ |
3,001 |
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$ |
2,423 |
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Service revenue |
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1,674 |
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1,705 |
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Collaboration revenue |
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962 |
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962 |
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Royalties and other revenue |
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679 |
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546 |
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Total revenue |
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6,316 |
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5,636 |
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Cost of revenue |
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2,805 |
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2,858 |
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Gross Profit |
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3,511 |
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2,778 |
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Operating expenses: |
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Research and development |
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5,121 |
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6,305 |
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Sales and marketing |
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3,807 |
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3,546 |
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General and administrative |
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5,554 |
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5,790 |
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Total operating expenses |
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14,482 |
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15,641 |
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Loss from operations |
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(10,971 |
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(12,863 |
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Interest expense, net |
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(249 |
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(336 |
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Change in fair value of derivative liabilities |
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140 |
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23 |
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Other expense, net |
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(36 |
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(12 |
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Provision for income taxes |
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(3 |
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(6 |
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Net loss |
$ |
(11,119 |
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$ |
(13,194 |
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Net loss per share, basic and diluted |
$ |
(0.37 |
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$ |
(0.45 |
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Weighted average common shares used to compute net loss per share, basic and diluted |
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29,663,006 |
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29,331,325 |
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Telesis Bio Inc.
Selected Balance Sheet Financial Data
(in thousands)
(unaudited)
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March 31, |
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December 31, |
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2023 |
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2022 |
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Balance Sheet Data: |
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Cash, restricted cash, cash equivalents and short-term investments |
$ |
32,242 |
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$ |
43,753 |
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Working capital |
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31,699 |
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41,594 |
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Total assets |
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89,162 |
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81,362 |
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Total liabilities |
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52,543 |
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34,797 |
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Accumulated deficit |
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(124,860 |
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(113,741 |
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Total stockholders’ equity |
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36,619 |
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46,565 |
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