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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 | ||||
28 | ||||
29 |
June 30, 2022 (unaudited) |
December 31, 2021 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
11,316 |
$ | 13,823 | ||||
Restricted cash |
545 |
499 | ||||||
Prepaid expenses and other current assets |
1,002 |
859 | ||||||
|
|
|
|
|||||
Total current assets |
12,863 |
15,181 | ||||||
Non-current restricted cash |
53 |
99 | ||||||
Land, buildings, and equipment |
5,077 |
21,731 | ||||||
Operating lease right-of-use |
13,855 |
— | ||||||
Other non-current assets |
169 |
183 | ||||||
|
|
|
|
|||||
Total assets |
$ |
32,017 |
$ | 37,194 | ||||
|
|
|
|
|||||
Liabilities and stockholders’ equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
519 |
$ | 1,260 | ||||
Accrued expenses |
262 |
339 | ||||||
Accrued compensation |
2,272 |
2,522 | ||||||
Due to related parties |
101 |
172 | ||||||
Current portion of financing lease obligations |
246 |
370 | ||||||
Common stock warrants |
688 |
— | ||||||
Other current liabilities |
413 |
191 | ||||||
|
|
|
|
|||||
Total current liabilities |
4,501 |
4,854 | ||||||
Financing lease obligations |
37 |
17,506 | ||||||
Operating lease obligations |
13,652 |
— | ||||||
Other non-current liabilities |
68 |
702 | ||||||
|
|
|
|
|||||
Total liabilities |
18,258 |
23,062 | ||||||
|
|
|
|
|||||
Stockholders’ equity: |
||||||||
Common stock, $0.0001 par value; 275,000,000 shares authorized; 46,815,694 shares issued and 46,715,542 shares outstanding as of June 30, 2022, and 38,874,146 shares issued and 38,773,994 shares outstanding as of December 31, 2021 |
5 |
4 | ||||||
Additional paid-in capital |
218,161 |
211,263 | ||||||
Common stock in treasury, at cost; 100,152 shares as of June 30, 2022, and December 31, 2021 |
(1,043 |
) |
(1,043 | ) | ||||
Accumulated deficit |
(203,364 |
) |
(196,092 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
13,759 |
14,132 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ |
32,017 |
$ | 37,194 | ||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Revenue |
$ |
41 |
$ | 11,880 | $ |
73 |
$ | 16,282 | ||||||||
Cost of goods sold |
— |
11,527 | — |
18,272 | ||||||||||||
Gross profit |
41 |
353 | 73 |
(1,990 | ) | |||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
3,250 |
2,844 | 6,191 |
5,894 | ||||||||||||
Selling, general, and administrative |
3,556 |
3,493 | 6,736 |
7,781 | ||||||||||||
Total operating expenses |
6,806 |
6,337 | 12,927 |
13,675 | ||||||||||||
Loss from operations |
(6,765 |
) | (5,984 | ) | (12,854 |
) | (15,665 | ) | ||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— | 1,528 | — |
1,528 | ||||||||||||
Interest, net |
(16 |
) |
(357 | ) | (33 |
) |
(703 | ) | ||||||||
Non-operating income ( expenses) |
4,296 |
6 | 4,783 |
5 | ||||||||||||
Loss before income taxes |
(2,485 |
) | (4,807 | ) | (8,104 |
) | (14,835 | ) | ||||||||
Income taxes |
— |
— | — |
— | ||||||||||||
Net loss |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ |
(8,104 |
) |
$ | (14,835 | ) | ||||
Basic and diluted net loss per share |
$ |
(0.05 |
) |
$ | (0.13 | ) | $ |
(0.18 |
) |
$ | (0.40 | ) | ||||
Weighted average shares outstanding – basic and diluted |
46,663,475 |
37,199,349 | 44,354,610 |
37,168,018 | ||||||||||||
Anti-dilutive stock options, restricted stock units, performance stock units, and common stock warrants |
16,234,030 |
5,223,327 | 16,234,030 |
5,223,327 | ||||||||||||
Three Months Ended June 30, 2022 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at March 31, 2022 |
42,741,763 | $ | 5 | $ | 216,838 | $ | (1,043 | ) | $ | (200,879 | ) | $ | 14,921 | |||||||||||
Net loss |
— | — | — | — | (2,485 | ) | (2,485 | ) | ||||||||||||||||
Stock-based compensation |
— | — | 1,323 | — | — | 1,323 | ||||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
93,779 |
— | — | — | — | — | ||||||||||||||||||
Issuance of common stock upon exercise of pre-funded warrants |
3,880,000 | — | — | — | — | — | ||||||||||||||||||
Balance at June 30, 2022 |
46,715,542 |
$ |
5 |
$ |
218,161 |
$ |
(1,043 |
) | $ |
(203,364 |
) |
$ |
13,759 |
|||||||||||
Three Months Ended June 30, 2021 |
Shares Outstanding |
Common Stock |
Additional Paid-In Capital |
Shares in Treasury |
Accumulated Deficit |
Total Stockholders’ Equity |
||||||||||||||||||
Balance at March 31, 2021 |
37,163,187 | $ | 4 | $ | 203,565 | $ | (1,043 | ) | $ | (176,921 | ) | $ | 25,605 | |||||||||||
Net loss |
— | — | — | — | (4,807 | ) | (4,807 | ) | ||||||||||||||||
Stock-based compensation |
— | — | 1,079 | — | — | 1,079 | ||||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
42,286 | — | 19 | — | — | 19 | ||||||||||||||||||
Balance at June 30, 2021 |
37,205,473 |
$ |
4 |
$ |
204,663 |
$ |
(1,043 |
) |
$ |
(181,728 |
) |
$ |
21,896 |
|||||||||||
Six Months Ended June 30, 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 |
— | — | — | — | (8,104 | ) | (8,104 | ) | ||||||||||||||||
Stock-based compensation |
— | — | 1,855 | — | — | 1,855 | ||||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
181,548 | — | — | — | — | — | ||||||||||||||||||
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 | 5,050 | — | — | 5,051 | ||||||||||||||||||
Issuance of common stock upon exercise of pre-funded warrant s |
3,880,000 |
— |
— |
— |
— |
— |
||||||||||||||||||
Cumulative effect of adoption of lease accounting standard |
— | — | — | — | 832 | 832 | ||||||||||||||||||
Balance at June 30, 2022 |
46,715,542 |
$ |
5 |
$ |
218,161 |
$ |
(1,043 |
) |
$ |
(203,364 |
) |
$ |
13,759 |
|||||||||||
Six Months Ended June 30, 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 |
— | — | — | — | (14,835 | ) | (14,835 | ) | ||||||||||||||||
Stock-based compensation |
— | — | (371 | ) | — | — | (371 | ) | ||||||||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units |
140,429 | — | 227 | — | — | 227 | ||||||||||||||||||
Balance at June 30, 2021 |
37,205,473 | $ | 4 | $ | 204,663 | $ | (1,043 | ) | $ | (181,728 | ) | $ | 21,896 | |||||||||||
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Operating activities |
||||||||
Net loss |
$ |
(8,104 |
) |
$ | (14,835 | ) | ||
Adjustments to reconcile net loss to net cash used by operating activities: |
||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | |||||
Depreciation and amortization |
763 |
1,180 | ||||||
Stock-based compensation |
1,855 |
(371 | ) | |||||
Unrealized (gain) loss on mark-to-market of common stock warrants |
(4,723 |
) |
— | |||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
— |
893 | ||||||
Due to/from related parties |
(71 |
) |
(638 | ) | ||||
Inventory |
— |
(1,085 | ) | |||||
Prepaid expenses and other current assets |
5 |
3,301 | ||||||
Accounts payable |
(114 |
) |
1,254 | |||||
Accrued expenses |
(87 |
) | (555 | ) | ||||
Accrued compensation |
(250 |
) |
143 | |||||
Other |
(550 |
) |
992 | |||||
|
|
|
|
|||||
Net cash used by operating activities |
(11,276 |
) |
(11,249 | ) | ||||
|
|
|
|
|||||
Investing activities |
||||||||
Proceeds from sales of short-term investments |
— |
11,698 | ||||||
Purchases of land, buildings, and equipment |
(1,289 |
) |
(307 | ) | ||||
|
|
|
|
|||||
Net cash (used by) provided by investing activities |
(1,289 |
) |
11,391 | |||||
|
|
|
|
|||||
Financing activities |
||||||||
Proceeds from the issuance of common stock , and pre-funded warrants |
11,209 |
— | ||||||
Costs incurred related to the issuance of common stock , pre-funded warrants, and common warrants |
(961 |
) |
— | |||||
Repayments of financing lease obligations |
(190 |
) |
(178 | ) | ||||
Proceeds from the exercise of stock options |
— |
227 | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
10,058 |
49 | ||||||
|
|
|
|
|||||
Net (decrease) increase in cash, cash equivalents, and restricted cash |
(2,507 |
) | 191 | |||||
Cash, cash equivalents, and restricted cash – beginning of period |
14,421 |
18,289 | ||||||
|
|
|
|
|||||
Cash, cash equivalents, and restricted cash – end of period |
$ |
11,914 |
$ | 18,480 | ||||
|
|
|
|
June 30, 2022 |
June 30, 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 |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 688 | $ | 688 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 688 | $ | 688 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2022 |
||||
Estimated fair value of Common Warrants |
$ |
0.09 |
||
Assumptions: |
||||
Risk-free interest rate |
3.0 |
% | ||
Expected volatility |
85.0 |
% | ||
Expected term to liquidation (in years) |
5.2 |
|||
|
|
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 |
3,880,000 | $ |
0.0001 |
— |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding as of June 30, 2022: |
— | — | 7,760,000 | $ | 1.41 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Exercisable as of June 30, 2022: |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Estimated fair values of stock options granted |
$ |
0.86 |
$ | 4.54 | ||||
Assumptions: |
||||||||
Risk-free interest rate |
1.9% - 3.5 |
% |
0.6% - 1.1 |
% | ||||
Expected volatility |
89.7% - 92.8 |
% |
80.1% - 82.0 |
% | ||||
Expected term (in years) |
5.50 - 6.89 |
5.5 - 6.5 | ||||||
|
|
|
|
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 |
1,609,000 | 1.12 | ||||||||||||||
Exercised |
— | — | ||||||||||||||
Forfeited or expired |
(329,417 | ) | 7.82 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of June 30, 2022 |
3,018,231 |
$ |
10.20 |
5,937,988 |
$ |
7.30 |
||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense |
$ |
709 |
$ | 800 | $ |
890 |
$ | 405 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net cash proceeds |
$ | — | $ |
19 |
$ |
— |
$ | 227 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Intrinsic value of options exercised |
$ | — | $ |
13 |
$ |
— |
$ | 344 | ||||||||
|
|
|
|
|
|
|
|
Number of Restricted Stock Units Outstanding |
Weighted- Average Grant Date Fair Value |
|||||||
Unvested balance as of December 31, 2021 |
571,303 | $ | 6.15 | |||||
Granted |
1,077,600 | 1.26 | ||||||
Vested |
(181,248 | ) | 6.38 | |||||
Forfeited |
(61,613 | ) | 5.55 | |||||
|
|
|
|
|||||
Unvested balance as of June 30, 2022 |
1,406,042 |
$ |
2.40 |
|||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Grant-date fair value |
$ |
539 |
$ | 390 | $ |
1,156 |
$ | 641 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense |
$ |
453 |
$ | 228 | $ |
658 |
$ | (521 | ) | |||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Deemed dividends from grants to Cellectis employees |
$ |
27 |
$ | 107 | $ |
64 |
$ | 28 | ||||||||
|
|
|
|
|
|
|
|
Number of PSUs |
||||
Outstanding as of December 31, 2021: Issued |
|
745,000 530,000 |
| |
Forfeited/canceled |
(145,000 |
) | ||
Exercised |
— |
|||
|
|
|||
Outstanding as of June 30, 2022: |
1,130,000 |
|||
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense |
$ |
161 |
$ | 51 | $ |
307 |
$ | (255 | ) | |||||||
|
|
|
|
|
|
|
|
• | 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 June 30, 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 | ) | ||||
|
|
|
|
|
|
As of June 30, 2022 |
||||||||
Remaining |
Right-of-Use |
|||||||
In Thousands |
Term (years) |
Asset |
||||||
Roseville, MN lease |
15.8 | $ | 13,852 | |||||
|
|
|||||||
Total |
$ | 13,852 | ||||||
|
|
In Thousands |
Three Months Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
||||||
Finance lease costs |
$ | 7 | $ | 16 | ||||
Operating lease costs |
394 | 793 | ||||||
Variable lease costs |
227 | 458 | ||||||
|
|
|
|
|||||
Total |
$ | 628 | $ | 1,267 | ||||
|
|
|
|
In Thousands except for lease term and discount rate |
As of and for Six Months Ended June 30, 2022 |
|||||||
Operating |
Financing |
|||||||
Cash paid for amounts included in the measurement of lease liabilities: |
||||||||
Operating cash flows |
$ | 135 | $ | — | ||||
Financing cash flows |
$ | — | $ | 190 | ||||
Weighted average remaining lease term (years) |
15.8 | 0.5 | ||||||
Weighted average discount rate |
7.9 | % | 8.1 | % | ||||
|
|
|
|
In Thousands |
Operating |
Financing |
Total |
|||||||||
Remainder of 2022 |
$ | 689 | $ | 258 | $ | 947 | ||||||
2023 |
1,446 | 38 | 1,484 | |||||||||
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 | |||||||||
|
|
|
|
|
|
|||||||
25,043 | 296 | 25,339 | ||||||||||
Less: imputed interest |
(11,088 | ) | (13 | ) | (11,101 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
$ | 13,955 | $ | 283 | $ | 14,238 | ||||||
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Stock-based compensation expense: |
||||||||||||||||
Research and development |
$ |
380 |
$ | 417 | $ |
410 |
$ | 809 | ||||||||
Selling, general, and administrative |
943 |
662 | 1,445 |
(1,180 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
1,323 |
$ | 1,079 | $ |
1,855 |
$ | (371 | ) | |||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Interest, net: |
||||||||||||||||
Interest expense |
$ |
(6 |
) |
$ | (359 | ) | $ |
(16 |
) |
$ | (719 | ) | ||||
Interest income |
12 |
2 | 13 |
16 | ||||||||||||
Common stock warrants - financing costs amortization |
(22 |
) |
— | (30 |
) |
— | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
(16 |
) |
$ | (357 | ) | $ |
(33 |
) |
$ | (703 | ) | ||||
|
|
|
|
|
|
|
|
In Thousands |
As of June 30, 2022 |
As of December 31, 2021 |
||||||
Cash, cash equivalents, and restricted cash: |
||||||||
Cash and cash equivalents |
$ |
11,316 |
$ | 13,823 | ||||
Restricted cash |
545 |
499 | ||||||
Non-current restricted cash |
53 |
99 | ||||||
|
|
|
|
|||||
Total |
$ |
11,914 |
$ | 14,421 | ||||
|
|
|
|
As of June 30, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Interest paid |
$ |
14 |
$ | 716 | ||||
|
|
|
|
As of June 30, |
||||||||
In Thousands |
2022 |
2021 |
||||||
Receivable from Jefferies for shares issued under ATM facility |
$ |
(260 |
) |
$ | — | |||
Non-cash additions to land, buildings, and equipment |
$ |
(618 |
) |
$ | — | |||
Unpaid stock offering costs included in stockholders’ equity |
$ |
1 |
$ | — | ||||
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; |
• | R&D expenses and potential 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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2. |
MarketsandMarkets, Global Color Cosmetics Market – Forecast Till 2020, |
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Three Months Ended June 30, |
||||||||||||||||
2022 |
2021 |
$ Change |
% Change |
|||||||||||||
(In thousands, except percentage values) |
||||||||||||||||
Revenue |
$ |
41 |
$ | 11,880 | $ | (11,839 | ) | (100 | )% | |||||||
Cost of goods sold |
— |
11,527 | (11,527 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
41 |
353 | (312 | ) | (88 | )% | ||||||||||
Research and development |
3,250 |
2,844 | 406 | 14 | % | |||||||||||
Selling, general, and administrative |
3,556 |
3,493 | 63 | 2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(6,765 |
) |
(5,984 | ) | (781 | ) | (13 | )% | ||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
1,528 | (1,528 | ) | (100 | )% | ||||||||||
Interest, net |
(16 |
) |
(357 | ) | 341 | 96 | % | |||||||||
Non-operating income (expenses) |
4,296 |
6 | 4,290 | 71,500 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ | 2,322 | 48 | % | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share |
$ |
(0. |
) | $ | (0.13 | ) | $ | 0.08 | 62 | % | ||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA 1 |
$ | (4,815 |
) |
$ | (5,814 | ) | $ | 999 | 17 | % | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
2022 |
2021 |
$ Change |
% Change |
|||||||||||||
(In thousands, except percentage values) |
||||||||||||||||
Revenue |
$ |
73 |
$ | 16,282 | $ | (16,209 | ) | (100 | )% | |||||||
Cost of goods sold |
— |
18,272 | (18,272 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
73 |
(1,990 | ) | 2,063 | 104 | % | ||||||||||
Research and development |
6,191 |
5,894 | 297 | 5 | % | |||||||||||
Selling, general, and administrative |
6,736 |
7,781 | (1,045 | ) | (13 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(12,854 |
) |
(15,665 | ) | 2,811 | 18 | % | |||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
1,528 | (1,528 | ) | (100 | )% | ||||||||||
Interest, net |
(33 |
) |
(703 | ) | 670 | 95 | % | |||||||||
Non-operating income (expenses) |
4,783 |
5 | 4,778 | 95,560 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(8,104 |
) |
(14,835 | ) | $ | 6,731 | 45 | % | |||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share |
$ |
(0.18 |
) |
(0.40 | ) | $ | 0.22 | 55 | % | |||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA 1 |
$ |
(9,769 |
) |
(12,641 | ) | $ | 2,872 | 23 | % | |||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, | ||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Net loss |
$ |
(8,104 |
) |
$ | (14,835 | ) | $ | 6,731 | 45 | % | ||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | 1,528 | 100 | % | ||||||||||
Depreciation and amortization expenses |
763 |
1,180 | (417 | ) | (35 | )% | ||||||||||
Stock-based compensation |
1,855 |
(371 | ) | 2,226 | 600 | % | ||||||||||
Unrealized (gain) loss on mark-to-market of common stock warrants |
(4,723 |
) |
— | (4,723 | ) | NM | ||||||||||
Changes in operating assets and liabilities |
(1,067 |
) |
4,305 | (5,372 | ) | (125 | )% | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used by operating activities |
$ |
(11,276 |
) |
$ | (11,249 | ) | $ | (27 | ) | NM | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Proceeds from sales of short-term investments |
$ |
— |
$ | 11,698 | $ | (11,698 | ) | (100 | )% | |||||||
Purchases of land, buildings, and equipment |
(1,289 |
) |
(307 | ) | (982 | ) | (320 | )% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash (used by) provided by investing activities |
$ |
(1,289 |
) |
$ | 11,391 | $ | (12,680 | ) | (111 | )% | ||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||
In Thousands |
2022 |
2021 |
$ Change |
% Change |
||||||||||||
Proceeds from common stock issuance |
$ |
11,209 |
$ | — | $ | 11,209 | NM | |||||||||
Costs incurred related to the issuance of stock |
(961 |
) |
— |
(961 | ) | NM | ||||||||||
Repayments of financing lease obligations |
(190 |
) |
(178 | ) | (12 | ) | (7 | )% | ||||||||
Proceeds from the exercise of stock options |
— |
227 | (227 | ) | (100 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by financing activities |
$ |
10,058 |
$ | 49 | 10,009 | 20,427 | % | |||||||||
|
|
|
|
|
|
|
|
As of June 30, 2022 |
||||
Estimated fair value of Common Warrants |
$ |
0.09 |
||
Assumptions: |
||||
Risk-free interest rate |
3.0 |
% | ||
Expected volatility |
85.0 |
% | ||
Expected term to liquidation (in years) |
5.2 |
|||
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net loss (GAAP measure) |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ |
(8,104 |
) |
$ | (14,835 | ) | ||||
Non-GAAP adjustments: |
||||||||||||||||
Commodity derivative impact, net |
— |
(658 | ) | — |
(447 | ) | ||||||||||
Net realizable value adjustment to inventories |
— |
(859 | ) | — |
(72 | ) | ||||||||||
Section 16 officer transition expenses |
116 |
13 | 232 |
2,734 | ||||||||||||
Recapture of non-cash stock compensation |
— |
— | — |
(2,540 | ) | |||||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | — |
(1,528 | ) | ||||||||||
Non-operating income (expenses) |
(4,296 |
) |
(6 | ) | (4,783 |
) |
(5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted net loss |
$ |
(6,665 |
) |
$ | (7,845 | ) | $ |
(12,655 |
) |
$ | (16,693 | ) | ||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net loss per share (GAAP measure) |
$ |
(0.05 |
) |
$ | (0.13 | ) | $ |
(0.18 |
) |
$ | (0.40 | ) | ||||
Non-GAAP adjustments: |
||||||||||||||||
Commodity derivative impact, net |
— |
(0.02 | ) | — |
(0.01 | ) | ||||||||||
Net realizable value adjustment to inventories |
— |
(0.02 | ) | — |
— | |||||||||||
Section 16 officer transition expenses |
— |
— | 0.01 |
0.07 | ||||||||||||
Recapture of non-cash stock compensation |
— |
— | — |
(0.07 | ) | |||||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(0.04 | ) | — |
(0.04 | ) | ||||||||||
Non-operating income (expenses) |
(0.09 |
) |
— | (0.11 |
) |
— | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted net loss per share |
$ |
(0.14 |
) |
$ | (0.21 | ) | $ |
(0.28 |
) |
$ | (0.45 | ) | ||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
In Thousands |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net loss (GAAP measure) |
$ |
(2,485 |
) |
$ | (4,807 | ) | $ |
(8,104 |
) |
$ | (14,835 | ) | ||||
Non-GAAP adjustments: |
||||||||||||||||
Interest, net |
16 |
357 | 33 |
703 | ||||||||||||
Depreciation and amortization expenses |
393 |
595 | 763 |
1,180 | ||||||||||||
Operating lease right-of-use asset amortization expenses |
118 |
— | 235 |
— | ||||||||||||
Stock-based compensation expenses |
1,323 |
1,079 | 1,855 |
(371 | ) | |||||||||||
Commodity derivative impact, net |
— |
(658 | ) | — |
(447 | ) | ||||||||||
Net realizable value adjustment to inventories |
— |
(859 | ) | — |
(72 | ) | ||||||||||
Section 16 officer transition expenses |
116 |
13 | 232 |
2,734 | ||||||||||||
Gain upon extinguishment of Payroll Protection Program loan |
— |
(1,528 | ) | — |
(1,528 | ) | ||||||||||
Non-operating income (expenses) |
(4,296 |
) |
(6 | ) | (4,783 |
) |
(5 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ |
(4,815 |
) |
$ | (5,814 | ) | $ |
(9,769 |
) |
$ | (12,641 | ) | ||||
|
|
|
|
|
|
|
|
(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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