IsoPlexis Reports Third Quarter 2021 Financial Results
Year-to-date 2021 revenue increased 68% over prior year period
Recent Highlights
- Revenue of
$4.2 million for the third quarter of 2021, an increase of 28% over the corresponding period of 2020 - Revenue of
$11.7 million year-to-date in 2021, an increase of 68% over the corresponding period of 2020 - Announced Duomic™, our integrated single-cell functional multi-omic biology platform
- ◦ Presented first proof-of-concept data on tumor biology at
AGBT Precision Health - ◦ Presenting first proof-of concept data on T-cell immunology and cell therapy at
Society for Immunotherapy of Cancer - Demonstrated traction with customer publications in two Nature Medicine publications and
Journal of Clinical Oncology showing clinical utility and unique use cases of theIsoPlexis platform for cell therapy and cancer immunology - Completed initial public offering in October, raising net proceeds of approximately
$111.0 million - Strengthened senior leadership team with additions of
Anthony Catalano , SVP of Operations,Richard Rew , Secretary, SVP and General Counsel,Michelle Reid , VP of Service and Support,Raj Khakhar , VP Finance, andJason Ou , Asia-Pacific General Manager - Appointed Dr.
Jason Myers , formerly CEO ofArcherDx ,Siddhartha Kadia , formerly President of Life Technologies, andMichael Egholm , formerly CTO of Danaher Life Sciences and President of Pall Life Sciences, to Board of Directors
"At IsoPlexis, our team is focused on leveraging our unique combination of proteomics and single cell biology to accelerate advanced curative medicines," said
Third Quarter 2021 Financial Results
Revenue was
Gross margin was 47% for the third quarter of 2021, as compared to 54% for the corresponding prior year period. The decrease in gross margin was driven primarily by the increased cost of raw materials and increases in inventory reserves.
Operating expenses were
Operating loss was
Net loss was
Cash was
2021 Guidance
Webcast Information
About
Forward Looking Statements
This press release contains "forward-looking statements." These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurance of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies and other future conditions. Such forward-looking statements may include, without limitation, statements about future opportunities for us and our products and services, our future operations, financial or operating results, including our 2021 financial guidance, anticipated business levels, future earnings, planned activities, anticipated growth market opportunities, strategies, competitions and other expectations and targets for future periods. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "predict," "project," "target," "potential," "seek," "will," "would," "could," "should," "continue," "contemplate," "plan," and other words and terms of similar meaning. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this press release, those results, or developments may not be indicative of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them.
Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, among others, the following: estimates of our addressable market, market growth, future revenue, expenses, capital requirements, and our needs for additional financing; the implementation of our business model and strategic plans for our products and technologies; competitive companies and technologies and our industry; our ability to develop and grow our business by expanding our sales to existing customers or introducing our products to new customers; our ability to develop and commercialize new products; our ability to establish and maintain intellectual property protection for our products or avoid or defend claims of infringement; the performance of third party suppliers; our ability to hire and retain key personnel and to manage our future growth effectively; our ability to obtain additional financing in future offerings; the volatility of the trading price of our common stock; our expectations regarding use of proceeds from our initial public offering ("IPO"); the potential effects of government regulation; the impact of COVID-19 on our business; and our expectations about market trends. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section "Risk Factors" included in the final prospectus for the Company's IPO dated
Investor Contact
investors@isoplexis.com
Press Contact
press@isoplexis.com
Condensed Consolidated Statements of Operations (unaudited) |
||||
Three months ended September 30, |
Nine months ended September 30, |
|||
(in thousands, except share and per share amounts) |
2021 |
2020 |
2021 |
2020 |
Revenue |
||||
Product revenue |
$ 3,890 |
$ 3,025 |
$ 10,906 |
$ 6,115 |
Service revenue |
303 |
254 |
810 |
868 |
Total revenue |
4,193 |
3,279 |
11,716 |
6,983 |
Cost of product revenue |
2,207 |
1,505 |
5,758 |
3,275 |
Cost of service revenue |
13 |
13 |
41 |
89 |
Gross profit |
1,973 |
1,761 |
5,917 |
3,619 |
Operating expenses: |
||||
Research and development expenses |
4,700 |
2,474 |
13,869 |
7,468 |
General and administrative expenses |
7,106 |
2,575 |
16,670 |
6,247 |
Sales and marketing expenses |
10,066 |
2,962 |
27,097 |
7,774 |
Total operating expenses |
21,872 |
8,011 |
57,636 |
21,489 |
Loss from operations |
(19,899) |
(6,250) |
(51,719) |
(17,870) |
Other income and (expense): |
||||
Grant income |
862 |
1,225 |
2,189 |
2,717 |
Change in fair value of warrants and loan commitment |
(97) |
(21) |
(4,104) |
(64) |
Interest income |
1 |
1 |
9 |
3 |
Interest expense |
(1,066) |
— |
(2,687) |
— |
Net loss |
$ (20,199) |
$ (5,045) |
$ (56,312) |
$ (15,214) |
Accrued dividends on preferred stock |
(3,400) |
(1,558) |
(10,010) |
(4,541) |
Net loss attributable to common stockholders |
(23,599) |
(6,603) |
(66,322) |
(19,755) |
Basic and diluted net loss per common share |
$ (10.66) |
$ (3.16) |
$ (30.59) |
$ (9.48) |
Weighted-average common shares outstanding—basic |
2,213,825 |
2,086,345 |
2,168,259 |
2,084,497 |
Condensed Consolidated Balance Sheets (unaudited) |
||
(in thousands, except share amounts) |
|
|
Assets |
||
Current assets: |
||
Cash |
$ 40,739 |
$ 106,641 |
Accounts receivable, net |
3,493 |
2,922 |
Inventories, net |
20,232 |
3,955 |
Prepaid expenses and other current assets |
7,613 |
2,156 |
Total current assets |
72,077 |
115,674 |
Property and equipment, net |
4,558 |
3,227 |
Intangible assets, net |
21,266 |
1,643 |
Other assets |
1,971 |
3,061 |
Total assets |
$ 99,872 |
$ 123,605 |
Liabilities, redeemable convertible preferred stock and stockholders' deficit |
||
Current liabilities: |
||
Accounts payable |
$ 5,909 |
$ 2,137 |
Accrued expenses and other current liabilities |
5,384 |
2,129 |
Deferred revenue |
1,089 |
356 |
Deferred rent |
76 |
— |
Total current liabilities |
12,458 |
4,622 |
Warrant liability |
8,330 |
4,637 |
Long-term debt |
31,767 |
22,137 |
Total liabilities: |
52,555 |
31,396 |
Commitments and contingencies Redeemable convertible preferred stock: |
||
Series A preferred stock, |
1,596 |
1,596 |
Series A-2 preferred stock, |
3,870 |
3,623 |
Series B preferred stock, |
6,606 |
6,606 |
Series B-2 preferred stock, |
6,991 |
6,991 |
Series C preferred stock, |
24,839 |
24,839 |
Series C-2 preferred stock, |
24,929 |
24,929 |
Series D preferred stock, |
84,876 |
74,876 |
Stockholders' deficit: |
||
Common stock, |
||
2 |
2 |
|
Additional paid-in capital |
2,324 |
1,151 |
Accumulated deficit |
(108,716) |
(52,404) |
Total stockholders' deficit |
(106,390) |
(51,251) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit |
$ 99,872 |
$ 123,605 |
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