Call scheduled for today, March 29, at 4:30 pm ET
TUCSON, Ariz., March 29, 2022 (GLOBE NEWSWIRE) -- HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, today reported its financial results for the year ended December 31, 2021.
Recent Business Highlights
- HTG Transcriptome Panel (“HTP”) revenue continued to increase in the fourth quarter of 2021, ending the year as the top selling assay at approximately 16% of total revenue, just 5 months after commercial sales availability.
- Announced the expansion of its therapeutics team with the addition of several highly experienced professionals, led by Stephen Barat, Ph.D., a drug development veteran who most recently served with the Janssen Pharmaceutical Companies of Johnson and Johnson (Janssen).
- Expanded its HTG Therapeutics business unit’s Scientific Advisory Board with the addition of Jerald Radich, M.D., a pioneer in the fields of leukemia research and molecular genetics, and Robert Spitale, Ph.D., Associate Director and Associate Dean of Research in the School of Pharmacy and Pharmaceutical Services at the University of California, Irvine.
- Added extensive biopharmaceutical industry experience and therapeutic depth to its Board of Directors with the addition of Christopher Kiritsy, formerly of KOS Pharmaceuticals.
- Completed a private placement of its securities for gross proceeds of approximately $7.5 million.
Full Year 2021 Financial Highlights:
Total revenue for the year ended December 31, 2021 was $8.9 million, compared with $8.5 million for the year ended December 31, 2020.
Product and product-related services revenue increased by 13% for the year ended December 31, 2021 to $8.9 million, compared with $7.9 million for the year ended December 31, 2020. Revenue for the year ended December 31, 2021 included $1.4 million of revenue recognized from the sale of HTP assays and sample processing services. Revenue for the year ended December 31, 2020 included $0.7 million of collaborative development services revenue.
Net loss from operations for the year ended December 31, 2021 was $17.1 million, compared with $20.9 million for the year ended December 31, 2020. Net loss per share was $(2.47) for the year ended December 31, 2021 compared with $(4.51) for the year ended December 31, 2020.
Cash, cash equivalents and short-term available-for-sale securities totaled $21.9 million as of December 31, 2021, with current liabilities of approximately $9.9 million and non-current liabilities of $10.1 million.
Conference Call and Webcast:
HTG will host a conference call for the investment community today beginning at 4:30 p.m. Eastern Time. Conference call and webcast details are as follows:
About HTG:
HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, clinical diagnostics and targeted therapeutics across a variety of disease areas.
Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.
Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
Phone: (617) 430-7577
Email: arr@lifesciadvisors.com
| HTG Molecular Diagnostics, Inc. |
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| Consolidated Statements of Operations |
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Years Ended December 31, |
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2021 |
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2020 |
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| Revenue: |
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| Product and product-related services |
$ |
8,906,828 |
|
$ |
7,890,854 |
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| Collaborative development services |
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— |
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658,010 |
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| Total revenue |
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8,906,828 |
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8,548,864 |
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| Operating expenses: |
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| Cost of product and product-related services revenue |
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4,094,980 |
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3,991,532 |
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| Selling, general and administrative |
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16,546,740 |
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18,063,064 |
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| Research and development |
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6,088,934 |
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6,079,907 |
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| Total operating expenses |
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26,730,654 |
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28,134,503 |
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| Operating loss |
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(17,823,826 |
) |
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(19,585,639 |
) |
| Other expense, net |
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(1,034,661 |
) |
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(747,770 |
) |
| Gain on forgiveness of PPP Loan |
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1,735,792 |
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— |
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| Loss on extinguishment of MidCap Credit Facility and QNAH Convertible Note |
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— |
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(522,394 |
) |
| Net loss before income taxes |
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(17,122,695 |
) |
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(20,855,803 |
) |
| Provision for income taxes |
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(22,475 |
) |
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(14,415 |
) |
| Net loss |
$ |
(17,145,170 |
) |
$ |
(20,870,218 |
) |
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| Net loss per share, basic and diluted |
$ |
(2.47 |
) |
$ |
(4.51 |
) |
| Shares used in computing net loss per share, basic and diluted |
|
6,936,131 |
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|
4,627,918 |
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| HTG Molecular Diagnostics, Inc. |
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| Consolidated Balance Sheets |
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December 31, |
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2021 |
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2020 |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ |
9,599,950 |
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$ |
22,397,812 |
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| Short-term investments available-for-sale, at fair value |
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12,343,456 |
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6,298,075 |
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| Accounts receivable, net |
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2,092,466 |
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1,588,767 |
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| Inventory, net |
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1,987,753 |
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1,492,126 |
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| Prepaid expenses and other |
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1,163,339 |
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1,094,273 |
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| Total current assets |
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27,186,964 |
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32,871,053 |
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| Operating lease right-of-use assets |
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1,345,361 |
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1,009,097 |
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| Property and equipment, net |
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1,118,886 |
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1,227,402 |
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| Other non-current assets |
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809,476 |
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|
90,356 |
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| Total assets |
$ |
30,460,687 |
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$ |
35,197,908 |
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| Liabilities and stockholders' equity |
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| Current liabilities: |
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| Accounts payable |
$ |
1,649,440 |
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$ |
1,348,762 |
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| Accrued liabilities |
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2,022,569 |
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1,459,878 |
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| Contract liabilities - current |
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124,941 |
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|
185,083 |
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| NuvoGen obligation - current |
|
548,301 |
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|
512,729 |
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| Short-term debt |
|
5,167,586 |
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|
3,022,139 |
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| Operating lease liabilities - current |
|
413,865 |
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|
685,220 |
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| Other current liabilities |
|
16,808 |
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|
22,563 |
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| Total current liabilities |
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9,943,510 |
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7,236,374 |
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| NuvoGen obligation - non-current, net of discount |
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3,900,880 |
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4,479,396 |
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| Long-term debt, net |
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5,178,629 |
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8,568,308 |
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| Operating lease liabilities - non-current |
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949,461 |
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|
368,682 |
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| Other non-current liabilities |
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88,383 |
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|
60,488 |
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| Total liabilities |
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20,060,863 |
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20,713,248 |
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| Commitments and Contingencies |
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| Total stockholders’ equity |
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10,399,824 |
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14,484,660 |
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| Total liabilities and stockholders' equity |
$ |
30,460,687 |
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$ |
35,197,908 |
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