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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Calyxt Inc | NASDAQ:CLXT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.30 | 6.30 | 7.00 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware |
27-1967997 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
2800 Mount Ridge Road Roseville, |
55113-1127 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock (0.0001 par value) | CLXT | The NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☐ | |||
Emerging growth company | ☒ |
3 | ||||
3 | ||||
18 | ||||
26 | ||||
26 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
28 | ||||
29 |
March 31, 2022 (unaudited) |
December 31, 2021 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
17,285 |
$ | 13,823 | ||||
Restricted cash |
499 |
499 | ||||||
Prepaid expenses and other current assets |
1,189 |
859 | ||||||
|
|
|
|
|||||
Total current assets |
18,973 |
15,181 | ||||||
Non-current restricted cash |
99 |
99 | ||||||
Land, buildings, and equipment |
5,125 |
21,731 | ||||||
Operating lease right-of-use s |
13,973 |
— | ||||||
|
|
|
|
|||||
Other non-current assets |
175 |
183 | ||||||
|
|
|
|
|||||
Total assets |
$ |
38,345 |
$ |
37,194 | ||||
|
|
|
|
|||||
Liabilities and stockholders’ equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
1,167 |
$ |
1,260 | ||||
Accrued expenses |
379 |
339 | ||||||
Accrued compensation |
2,209 |
2,522 | ||||||
Due to related parties |
64 |
172 | ||||||
Current portion of financing lease obligations |
290 |
370 | ||||||
Common stock warrants |
4,976 |
— | ||||||
Other current liabilities |
435 |
191 | ||||||
|
|
|
|
|||||
Total current liabilities |
9,520 |
4,854 | ||||||
Financing lease obligations |
89 |
17,506 | ||||||
Operating lease obligations |
13,742 |
— | ||||||
Other non-current liabilities |
73 |
702 | ||||||
|
|
|
|
|||||
Total liabilities |
23,424 |
23,062 | ||||||
|
|
|
|
|||||
Stockholders’ equity: |
||||||||
Common stock, $0.0001 par value; 275,000,000 shares authorized; 42,841,915 shares issued and 42,741,763 shares outstanding as of March 31, 2022, and 38,874,146 shares issued and 38,773,994 shares outstanding as of December 31, 2021 |
5 |
4 | ||||||
Additional paid-in capital |
216,838 |
211,263 | ||||||
Common stock in treasury, at cost; 100,152 shares as of March 31, 2022, and December 31, 2021 |
(1,043 |
) |
(1,043 | ) | ||||
Accumulated deficit |
(200,879 |
) | (196,092 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
14,921 |
14,132 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ |
38,345 |
$ | 37,194 | ||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Revenue |
$ |
32 |
$ | 4,402 | ||||
Cost of goods sold |
— |
6,745 | ||||||
|
|
|
|
|||||
Gross profit |
32 |
(2,343 | ) | |||||
Operating expenses: |
||||||||
Research and development |
2,941 |
3,050 | ||||||
Selling, general, and administrative |
3,180 |
4,258 | ||||||
Management fees |
— |
30 | ||||||
|
|
|
|
|||||
Total operating expenses |
6,121 |
7,338 | ||||||
|
|
|
|
|||||
Loss from operations |
(6,089 |
) |
(9,681 | ) | ||||
Interest, net |
(17 |
) |
(346 | ) | ||||
Non-operating expenses |
487 |
(1 | ) | |||||
|
|
|
|
|||||
Loss before income taxes |
(5,619 |
) |
(10,028 | ) | ||||
Income taxes |
— |
— | ||||||
|
|
|
|
|||||
Net loss |
$ |
(5,619 |
) |
$ | (10,028 | ) | ||
|
|
|
|
|||||
Basic and diluted net loss per share |
$ |
(0.13 |
) |
$ |
(0.27 |
) | ||
|
|
|
|
|||||
Weighted average shares outstanding – basic and diluted |
42,020,090 |
37,136,338 | ||||||
|
|
|
|
|||||
Anti-dilutive stock options, restricted stock units, performance stock units, and common stock warrants |
16,276,362 |
5,013,780 | ||||||
|
|
|
|
Three Months Ended March 31, 2022 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at December 31, 2021 |
38,773,994 | $ | 4 | $ | 211,263 | $ | (1,043 | ) | $ | (196,092 | ) | $ | 14,132 | |||||||||||
Net loss |
— | — | — | — | (5,619 | ) | (5,619 | ) | ||||||||||||||||
Stock-based compensation |
— | — | 531 | — | — | 531 | ||||||||||||||||||
Issuance of common stock from stock-based compensation awards |
87,769 | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock from ATM facility, net of offering expenses |
— | — | (7 | ) | — | — | (7 | ) | ||||||||||||||||
Issuance of common stock and pre-funded warrants in registered offering, net of $0.5 million of offering costs |
3,880,000 | 1 | 5,051 | — | — | 5,052 | ||||||||||||||||||
Cumulative effect of adoption of lease accounting standard |
— | — | — | — | 832 | 832 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at March 31, 2022 |
42,741,763 |
$ |
5 |
$ |
216,838 |
$ |
(1,043 |
) |
$ |
(200,879 |
) | $ |
14,921 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Three Months Ended March 31, 2021 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at December 31, 2020 |
37,065,044 | $ | 4 | $ | 204,807 | $ | (1,043 | ) | $ | (166,893 | ) | $ | 36,875 | |||||||||||
Net loss |
— | — | — | — | (10,028 | ) | (10,028 | ) | ||||||||||||||||
Stock-based compensation |
— | — | (1,450 | ) | — | — | (1,450 | ) | ||||||||||||||||
Issuance of common stock from stock-based compensation awards |
98,143 | — | 208 | — | — | 208 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at March 31, 2021 |
37,163,187 | $ | 4 | $ | 203,565 | $ | (1,043 | ) | $ | (176,921 | ) | $ | 25,605 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Operating activities |
||||||||
Net loss |
$ |
(5,619 |
) |
$ | (10,028 | ) | ||
Adjustments to reconcile net loss to net cash used by operating activities: |
||||||||
Depreciation and amortization |
370 |
585 | ||||||
Stock-based compensation |
531 |
(1,450 | ) | |||||
Unrealized (gain) loss on mark-to-market of common stock warrants |
(435 |
) |
— | |||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
— |
3,533 | ||||||
Due to/from related parties |
(108 |
) |
(652 | ) | ||||
Inventory |
— |
(3,149 | ) | |||||
Prepaid expenses and other current assets |
(110 |
) |
583 | |||||
Accounts payable |
(145 |
) |
30 | |||||
Accrued expenses |
37 |
167 | ||||||
Accrued compensation |
(313 |
) |
(186 | ) | ||||
Other |
(612 |
) |
1,150 | |||||
Net cash used by operating activities |
(6,404 |
) | (9,417 | ) | ||||
Investing activities |
||||||||
Sales and (purchases) of short-term investments, net |
— |
8,653 | ||||||
Purchases of land, buildings, and equipment |
(545 |
) |
(269 | ) | ||||
Net cash (used by) provided by investing activities |
(545 |
) |
8,384 | |||||
Financing activities |
||||||||
Proceeds from the issuance of common stock and pre-funded warrants |
11,209 |
— | ||||||
Costs incurred related to the issuance of common stock and pre-funded warrants |
(704 |
) |
— | |||||
Repayments of financing lease obligations |
(94 |
) |
(88 | ) | ||||
Proceeds from the exercise of stock options |
— |
208 | ||||||
Net cash provided by financing activities |
10,411 |
120 | ||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
3,462 |
(913 | ) | |||||
Cash, cash equivalents, and restricted cash – beginning of period |
14,421 |
18,289 | ||||||
Cash, cash equivalents, and restricted cash – end of period |
$ |
17,883 |
$ | 17,376 | ||||
March 31, 2022 |
March 31, 2022 |
|||||||||||||||||||||||||||||||
Fair Values of Assets |
Fair Values of Liabilities |
|||||||||||||||||||||||||||||||
In Thousands |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||||||||||
Other items reported at fair value: |
||||||||||||||||||||||||||||||||
Common stock warrants |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,976 | $ | 4,976 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,976 | $ | 4,976 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
||||
2022 |
||||
Estimated fair value of Common Warrants |
$ |
0.64 |
||
Assumptions: |
||||
Risk-free interest rate |
2.5 |
% | ||
Expected volatility |
80.0 |
% | ||
Expected term to liquidation (in years) |
5.4 |
|||
|
|
Number of Pre-Funded Warrants |
Weighted Average Exercise Price |
Number of Common Warrants |
Weighted Average Exercise Price |
|||||||||||||
Outstanding as of December 31, 2021: |
||||||||||||||||
Issued |
3,880,000 | $ | 0.0001 | 7,760,000 | $ | 1.41 | ||||||||||
Forfeited/canceled |
— | — | ||||||||||||||
Exercised |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding as of March 31, 2022: |
3,880,000 | $ | 0.0001 | 7,760,000 | $ | 1.41 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Exercisable as of March 31, 2022: |
3,880,000 | $ | 0.0001 | — | — | |||||||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Estimated fair values of stock options granted |
$ |
0.97 |
$ | 5.85 | ||||
Assumptions: |
||||||||
Risk-free interest rate |
1.9% - 2.4 |
% |
0.6% - 1.1 |
% | ||||
Expected volatility |
89.7% - 91.8 |
% |
85.0% - 87.6 |
% | ||||
Expected term (in years) |
5.75 - 6.89 |
5.7 - 6.2 | ||||||
|
|
|
|
Options Exercisable |
Weighted- Average Exercise Price Per Share |
Options Outstanding |
Weighted- Average Exercise Price Per Share |
|||||||||||||
Balance as of December 31, 2021 |
2,789,110 | $ | 10.23 | 4,658,405 | $ | 9.47 | ||||||||||
Granted |
1,346,000 | 1.27 | ||||||||||||||
Exercised |
— | — | ||||||||||||||
Forfeited or expired |
(234,061 | ) | 7.30 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of March 31, 2022 |
2,948,076 |
$ |
10.26 |
5,770,344 |
$ |
7.65 |
||||||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Stock-based compensation expense |
$ |
180 |
$ | (396 | ) | |||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Net cash proceeds |
$ | — | $ |
208 |
||||
|
|
|
|
|||||
Intrinsic value of options exercised |
$ | — | $ |
331 |
||||
|
|
|
|
Number of Restricted Stock Units Outstanding |
Weighted- Average Grant Date Fair Value |
|||||||
Unvested balance as of December 31, 2021 |
571,303 | $ | 6.15 | |||||
Granted |
1,048,800 | 1.27 | ||||||
Vested |
(87,472 | ) | 7.06 | |||||
Forfeited |
(61,613 | ) | 5.55 | |||||
|
|
|
|
|||||
Unvested balance as of March 31, 2022 |
1,471,018 |
$ |
2.64 |
|||||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Grant-date fair value |
$ |
617 |
$ | 251 | ||||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Stock-based compensation expense |
$ |
205 |
$ |
(749 | ) | |||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Deemed dividends from grants to Cellectis employees |
$ |
37 |
$ | 79 | ||||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Stock-based compensation expense |
$ |
146 |
$ | (305 | ) | |||
|
|
|
|
• | A lease for its headquarters and laboratory facilities in Roseville, MN which encompasses approximately 38,000 square feet. The original lease term was 20 years, and the Company holds four 5-year renewal options. Historically, this lease was considered a failed sale leaseback based on the nature of the transactions and was reported as a financing-type lease. |
• | An equipment financing arrangement that is considered a financing-type lease. This arrangement has a term of four years for each draw. The Company was required to deposit cash into a restricted account in an amount equal to the future rent payments required by the lease. As of March 31, 2022, restricted cash totaled $0.6 million. The Company has the option to request the return of excess collateral annually in December, and the amount the Company expects to receive is reflected as a current asset. |
• | A small number of short-term and immaterial leases for office equipment. |
As Reported December 31, 2021 |
Adoption of Lease Standard |
As Adjusted December 31, 2021 |
||||||||||
Assets |
||||||||||||
Land, buildings, and equipment |
$ | 21,731 | $ | (16,543 | ) | $ | 5,188 | |||||
Operating lease right-of-use assets |
— | 14,090 | 14,090 | |||||||||
|
|
|
|
|
|
|||||||
$ | 21,731 | $ | (2,453 | ) | $ | 19,278 | ||||||
|
|
|
|
|
|
|||||||
Liabilities and stockholders’ equity |
||||||||||||
Current portion of financing lease obligations |
$ | 370 | $ | (4 | ) | $ | 366 | |||||
Other current liabilities |
191 | 276 | 467 | |||||||||
Financing lease obligations |
17,506 | (17,371 | ) | 135 | ||||||||
Operating lease obligations |
— | 13,814 | 13,814 | |||||||||
Accumulated deficit |
(196,092 | ) | 832 | (195,260 | ) | |||||||
|
|
|
|
|
|
|||||||
$ | (178,025 | ) | $ | (2,453 | ) | $ | (180,478 | ) | ||||
|
|
|
|
|
|
March 31, 2022 |
||||||||
Remaining |
Right-of-Use |
|||||||
In Thousands |
Term (years) |
Asset |
||||||
Roseville, MN lease |
16.1 | $ | 13,969 | |||||
|
|
|||||||
Total |
$ | 13,969 |
In Thousands |
Three Months Ended March 31, 2022 |
|||
Finance lease costs |
$ | 9 | ||
Operating lease costs |
399 | |||
Variable lease costs |
231 | |||
|
|
|||
Total |
$ | 639 | ||
|
|
In Thousands |
Operating |
Financing |
Total |
|||||||||
Remainder of 2022 |
$ | 1,034 | $ | 231 | $ | 1,265 | ||||||
2023 |
1,446 | 99 | 1,545 | |||||||||
2024 |
1,480 | — | 1,480 | |||||||||
2025 |
1,479 | — | 1,479 | |||||||||
2026 |
1,479 | — | 1,479 | |||||||||
2027 |
1,479 | — | 1,479 | |||||||||
Thereafter |
16,991 | — | 16,991 | |||||||||
|
|
|
|
|
|
|||||||
25,388 | 330 | 25,718 | ||||||||||
Less: imputed interest |
(11,365 | ) | (15 | ) | (11,380 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
$ | 14,023 | $ | 315 | $ | 14,338 | ||||||
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Stock-based compensation expense: |
||||||||
Research and development |
$ |
30 |
$ | 392 | ||||
Selling, general, and administrative |
501 |
(1,842 | ) | |||||
|
|
|
|
|||||
Total |
$ |
531 |
$ | (1,450 | ) | |||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Interest, net: |
||||||||
Interest expense |
$ |
(10 |
) |
$ | (360 | ) | ||
Interest income |
1 |
14 | ||||||
Common stock warrants - financing costs amortization |
|
|
(8 |
) |
|
|
— |
|
|
|
|
|
|||||
Total |
$ |
(17 |
) |
$ | (346 | ) | ||
|
|
|
|
In Thousands |
As of March 31, 2022 |
As of December 31, 2021 |
||||||
Cash, cash equivalents, and restricted cash: |
||||||||
Cash and cash equivalents |
$ | 17,285 |
$ | 13,823 | ||||
Restricted cash |
499 |
499 | ||||||
Non-current restricted cash |
99 |
99 | ||||||
Total |
$ | 17,883 |
$ | 14,421 | ||||
As of March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Interest paid |
$ |
8 |
$ | 359 | ||||
As of March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Receivable from Jefferies for shares issued under ATM facility |
$ |
(260 |
) |
$ | — | |||
Non-cash additions to land, buildings, and equipment |
$ |
(202 |
) |
$ | — | |||
Unpaid stock offering costs included in stockholders’ equity |
$ |
257 |
$ | — | ||||
Cumulative effect of adoption of lease accounting standard on stockholders’ equity |
$ |
832 |
$ | — | ||||
Establishment of operating lease right-of-use |
$ |
14,090 |
$ | — | ||||
• |
Research and development (R&D) expenses to continue to enhance the capabilities of its PlantSpring technology platform, including continued investments in artificial intelligence and machine learning (AIML) capabilities; |
• |
R&D expenses and capital expenditures to expand its BioFactory production system from laboratory scale through various pilot vessel sizes; |
• |
other R&D expenses to further develop traditional agriculture seed-trait product candidates for its licensee customers; |
• |
to the extent not reimbursed by its customers, conducting regulatory studies and other associated activities for its current and future products under development; |
• |
acquiring or in-licensing other products, technologies, germplasm, or other biological material; |
• |
maintaining, protecting, expanding, and defending its intellectual property portfolio, including intellectual property related to the PlantSpring technology platform and BioFactory production system; |
• |
seeking to attract and retain skilled personnel; |
• |
identifying and negotiating agreements with customers, licensees, and infrastructure partners; and |
• |
experiencing any delays or encountering issues with any of the above, including due to the COVID-19 pandemic and its impacts. |
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MarketsandMarkets, Flavors and Fragrance Market – Global Forecast to 2026 |
Three Months Ended March 31, |
||||||||||||||||
2022 |
2021 |
$ Change |
% Change |
|||||||||||||
(In thousands, except percentage values) |
||||||||||||||||
Revenue |
$ |
32 |
$ | 4,402 | $ | (4,370 | ) | (99 | )% | |||||||
Cost of goods sold |
— |
6,745 | (6,745 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
32 |
(2,343 | ) | 2,375 | 101 | % | ||||||||||
Research and development |
2,941 |
3,050 | (109 | ) | (4 | )% | ||||||||||
Selling, general, and administrative |
3,180 |
4,258 | (1,078 | ) | (25 | )% | ||||||||||
Management fees |
— |
30 | (30 | ) | NM | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(6,089 |
) |
(9,681 | ) | 3,592 | 37 | % | |||||||||
Interest, net |
(17 | ) | (346 | ) | 329 | 95 | % | |||||||||
Non-operating expenses |
487 |
(1 | ) | 488 | 48,800 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(5,619 |
) |
$ | (10,028 | ) | $ | 4,409 | 44 | % | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share |
$ |
(0.13 |
) | $ | (0.27 | ) | $ | 0.14 | 52 | % | ||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA 1 |
$ |
(4,955 |
) | $ | (6,827 | ) | $ | 1,872 | 27 | % | ||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, | ||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Net loss |
$ |
(5,619 |
) |
$ | (10,028 | ) | $ | 4,409 | 44 | % | ||||||
Depreciation and amortization expenses |
370 |
585 | (215 | ) | (37 | )% | ||||||||||
Stock-based compensation |
531 |
(1,450 | ) | 1,981 | 137 | % | ||||||||||
Unrealized (gain) loss on mark-to-market of common stock warrants |
(435 |
) |
— | (435 | ) | NM | ||||||||||
Changes in operating assets and liabilities |
(1,251 |
) |
1,476 | (2,727 | ) | (185 | )% | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used by operating activities |
$ |
(6,404 |
) |
$ | (9,417 | ) | $ | 3,013 | 32 | % | ||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Sales and (purchases) of short-term investments, net |
$ |
— |
$ | 8,653 | $ | (8,653 | ) | (100 | )% | |||||||
Purchases of land, buildings, and equipment |
(545 |
) |
(269 | ) | (276 | ) | (103 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash (used by) provided by investing activities |
$ |
(545 |
) |
$ | 8,384 | $ | (8,929 | ) | (107 | )% | ||||||
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Proceeds from common stock issuance |
$ |
11,209 |
$ | — | $ | 11,209 | NM | |||||||||
Costs incurred related to the issuance of stock |
(704 |
) |
— |
(704 | ) | NM | ||||||||||
Repayments of financing lease obligations |
(94 |
) |
(88 | ) | (6 | ) | (7 | )% | ||||||||
Proceeds from the exercise of stock options |
— |
208 | (208 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by financing activities |
$ |
10,411 |
$ | 120 | 10,291 | 8,576 | % | |||||||||
|
|
|
|
|
|
|
|
As of March 31, 2022 |
||||
Estimated fair value of Common Warrants |
$ |
0.64 |
||
Assumptions: |
||||
Risk-free interest rate |
2.5 |
% | ||
Expected volatility |
80.0 |
% | ||
Expected term to liquidation (in years) |
5.4 |
|||
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Net loss (GAAP measure) |
$ |
(5,619 |
) |
$ | (10,028 | ) | ||
Non-GAAP adjustments: |
||||||||
Commodity derivative impact, net |
— |
211 | ||||||
Net realizable value adjustment to inventories |
— |
787 | ||||||
Section 16 officer transition expenses |
116 |
2,721 | ||||||
Recapture of non-cash stock compensation |
— |
(2,540 | ) | |||||
Non-operating expenses |
(487 |
) |
1 | |||||
|
|
|
|
|||||
Adjusted net loss |
$ |
(5,990 |
) |
$ |
(8,848 |
) | ||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Net loss per share (GAAP measure) |
$ |
(0.13 |
) |
$ | (0.27 | ) | ||
Non-GAAP adjustments: |
||||||||
Commodity derivative impact, net |
— |
0.01 | ||||||
Net realizable value adjustment to inventories |
— |
0.02 | ||||||
Section 16 officer transition expenses |
— |
0.07 | ||||||
Recapture of non-cash stock compensation |
— |
(0.07 | ) | |||||
Non-operating expenses |
(0.01 |
) |
— | |||||
|
|
|
|
|||||
Adjusted net loss per share |
$ |
(0.14 |
) |
$ | (0.24 | ) | ||
|
|
|
|
Three Months Ended March 31, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Net loss (GAAP measure) |
$ |
(5,619 |
) |
$ | (10,028 | ) | ||
Non-GAAP adjustments: |
||||||||
Interest, net |
17 |
346 | ||||||
Depreciation and amortization expenses |
370 |
585 | ||||||
Operating lease right-of-use asset amortization expenses |
177 |
— | ||||||
Stock-based compensation expenses |
531 |
(1,450 | ) | |||||
Commodity derivative impact, net |
— |
211 | ||||||
Net realizable value adjustment to inventories |
— |
787 | ||||||
Section 16 officer transition expenses |
116 |
2,721 | ||||||
Non-operating expenses |
(487 |
) |
1 | |||||
Adjusted EBITDA |
$ |
(4,955 |
) |
$ | (6,827 | ) | ||
(a) | Index of Exhibits |
* | Filed herewith |
† | Indicates management contract or compensatory plan. |
CALYXT, INC. | ||
By: | /s/ Michael A. Carr | |
Name: | Michael A. Carr | |
Title: | President & Chief Executive Officer (Principal Executive Officer) | |
By: | /s/ William F. Koschak | |
Name: | William F. Koschak | |
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |
1 Year Calyxt Chart |
1 Month Calyxt Chart |
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