iso-20221110
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 10, 2022
IsoPlexis Corporation
(Exact name of Registrant as specified in its charter)
Delaware001-4089446-2179799
(State or other jurisdiction
of incorporation)
(Commission
File No.)
(IRS Employer
Identification No.)
35 NE Industrial Road, Branford, CT 06405
(Address of principal executive offices and zip code)
(203) 208-4111
(Registrant’s telephone number, including area code)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.001 per
share
ISOThe NASDAQ Stock Market LLC
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:
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 10, 2022, Isoplexis Corporation issued a press release reporting its financial results for the quarter ended September 30, 2022. A copy of the press release is furnished herewith as Exhibit 99.1.

The information furnished with this Item 2.02, including Exhibit 99.1, 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 into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits
Exhibit No.
Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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.
ISOPLEXIS CORPORATION
 Date: November 10, 2022
By:/s/ John Strahley
Name:John Strahley
Title:Chief Financial Officer








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Document
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Exhibit 99.1
IsoPlexis Reports Third Quarter 2022 Financial Results

BRANFORD, CONN., November 10, 2022 – IsoPlexis Corporation (Nasdaq: ISO), a company empowering labs to leverage the cells and proteome changing the course of human health, today reported financial results for the quarter ended September 30, 2022.

Recent Highlights

Revenue of $4.5 million for the third quarter 2022, representing a 7% increase from the corresponding period of 2021

Sold 23 new instruments in the third quarter, bringing cumulative instruments sold to 277

Reduced total operating expenses by 27% from the prior quarter and 37% from Q1, due to continued efforts to streamline operations and enhance productivity

Partnered with MediMergent and The Center for Cancer and Blood Disorders to leverage the Company’s single-cell proteomics technology in a large multi-site study of immuno-compromised cancer patients

Demonstrated early impact and validation of CodePlex platform with the first publication in the APAC region in the journal Scientific Reports from researchers at Shanghai Institute of Hematology

Appointed former Luminex Corporation Chairman and CEO, Nachum “Homi” Shamir, to its Board of Directors

“We have made encouraging progress this quarter as we focused on organizing our sales team and strengthening our pipeline. Despite operating in a challenging and uncertain environment, I am pleased with our team’s progress toward our mission to bring cellular and proteomic analysis technology to researchers and labs around the world,” said Sean Mackay, Co-founder and CEO of IsoPlexis. “As we get closer to the launch of our new CodePlex bulk proteomics offering, we have already seen key publications and data that validate the technology and demonstrate the early impact of the platform. We continue to see strong demand for our innovative technology and remain optimistic on our long-term outlook.

Third Quarter 2022 Financial Results

Revenue was $4.5 million for the three months ended September 30, 2022, a 7% increase from $4.2 million for the three months ended September 30, 2021. This increase was driven by higher consumable revenue and service revenue, which was partially offset by overall economic slowness and inflationary challenges, particularly outside the U.S., that resulted in slightly lower instrument revenue.

Gross margin was 50% for the third quarter of 2022, as compared to 47% for the corresponding prior year period.

Total operating expenses were $19.2 million for the third quarter of 2022, representing a 12% reduction from the third quarter of 2021 and a 27% reduction from the second quarter of 2022.

Operating loss was $17.0 million for the third quarter of 2022, as compared to $19.9 million for the corresponding prior year period.

Net loss was $18.5 million for the third quarter of 2022, as compared to a net loss of $20.2 million for the corresponding prior year period.

Cash was $53.1 million as of September 30, 2022.

2022 Guidance

IsoPlexis now expects full year 2022 revenue to increase by 11%-15% over full year 2021.




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Webcast Information

IsoPlexis will host a conference call to discuss the third quarter 2022 financial results before market open on Thursday, November 10, 2022 at 5:30 am Pacific Time / 8:30 am Eastern Time. A webcast of the conference call can be accessed at http://investors.isoplexis.com. The webcast will be archived and available for replay for at least 90 days after the event.

Please also find our updated investor presentation on our website (https://investors.isoplexis.com/news-events/presentations).

About IsoPlexis

IsoPlexis is empowering labs to leverage the cells and proteome changing the course of human health. Its platforms provide insights into how multi-functional immune cells communicate and respond, assisting researchers in understanding and predicting disease progression, treatment resistance and therapeutic efficacy.

IsoPlexis has been named Top Innovation or Design by The Scientist Magazine, Fierce, BIG Innovation, Red Dot and multiple others. The IsoPlexis platform is used globally by researchers, including those at the top 15 global pharmaceutical companies by revenue and 78% of leading U.S. comprehensive cancer centers.

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 assurances 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 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,” “continuing,” “forward,” “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 manage 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; our ability to comply with financial covenants in our existing debt facility; 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 our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2022, and our other subsequent filings with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. We qualify all of the forward-looking statements in this press release by these cautionary statements. Except as required by law,


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we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact
investors@isoplexis.com

Press Contact
press@isoplexis.com



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IsoPlexis Corporation
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share amounts)2022202120222021
Revenue
Product revenue$3,633 $3,890 $11,410 $10,906 
Service revenue851 303 1,990 810 
Total revenue4,484 4,193 13,400 11,716 
Cost of product revenue2,187 2,207 6,329 5,758 
Cost of service revenue40 13 182 41 
Gross profit2,257 1,973 6,889 5,917 
Operating expenses:
Research and development expenses4,169 4,700 18,359 13,869 
General and administrative expenses8,782 7,106 28,705 16,670 
Sales and marketing expenses5,702 10,066 24,992 27,097 
Restructuring expenses574 — 4,273 — 
Total operating expenses19,227 21,872 76,329 57,636 
Loss from operations(16,970)(19,899)(69,440)(51,719)
Other income (expense):
Interest expense, net(1,485)(1,065)(3,679)(2,678)
Other income (expense), net— 765 334 (1,915)
Net loss$(18,455)$(20,199)$(72,785)$(56,312)
Accrued dividends on preferred stock— (3,400)— (10,010)
Net loss attributable to common stockholders(18,455)(23,599)(72,785)(66,322)
Basic and diluted net loss per common share$(0.47)$(10.66)$(1.86)$(30.59)
Weighted-average common shares outstanding—basic and diluted39,464,883 2,213,825 39,227,703 2,168,259 


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IsoPlexis Corporation
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except share amounts)September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents$53,128 $126,566 
Accounts receivable, net4,569 4,100 
Inventories, net38,247 24,299 
Prepaid expenses and other current assets1,679 3,478 
Total current assets97,623 158,443 
Property and equipment, net11,331 5,778 
Intangible assets, net20,162 21,008 
Operating lease right-of-use assets5,381 — 
Other assets355 2,243 
Total assets$134,852 $187,472 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$4,032 $4,839 
Accrued expenses and other current liabilities6,150 7,827 
Deferred revenue1,034 915 
Total current liabilities11,216 13,581 
Long-term operating lease obligations4,080 — 
Long-term debt46,051 31,646 
Total liabilities:61,347 45,227 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2022 and December 31, 2021— — 
Common stock, $0.001 par value, 400,000,000 shares authorized; 39,535,322 and 39,036,010 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
39 39 
Additional paid-in capital280,225 276,179 
Accumulated deficit(206,759)(133,973)
Total stockholders’ equity73,505 142,245 
Total liabilities and stockholders’ equity
$134,852 $187,472 




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