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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OpGen Inc | NASDAQ:OPGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.1022 | 4.58% | 2.3322 | 2.25 | 2.33 | 2.365 | 2.23 | 2.28 | 1,235 | 18:14:45 |
Oliver Schacht, President & CEO of OpGen, commented, “We are continuing to execute on our key development milestones as recently seen with our assembly of 10 final pre-series release analyzers of the Unyvero A30 RQ platform. In this growth-oriented quarter we presented key clinical data at several conferences, provided an update to our robust R&D pipeline, and successfully completed a move to our new corporate headquarters. I am pleased with our accomplishments and continue to believe we are putting our company in a position to succeed.”
Second Quarter 2021 Financial Results of OpGen, Inc.
The company announced accomplishment of the following key milestones and recent developments in the second quarter as well as 2021 to date:
Mr. Schacht commented, “As we continue into the third quarter, we are waiting for the FDA to complete their review of our AMR Gene Panel for Isolates. We are also in regular dialog with the Chinese NMPA via our strategic partner Beijing Clear Bio. The Chinese NMPA recently requested supplemental clinical data to be generated and submitted in China, and we are working with our partners to finalize study design and swift study execution in due course. We are also working diligently on finding a new Chief Financial Officer to join the OpGen team following the resignation of our current CFO Tim Dec. Together with our board, we are continuing to evaluate alternatives for financing the future growth of OpGen and believe these are steps that will help drive the company forward and on its desired path.”
Conference Call Information
OpGen’s management will host a conference call today, August 12 at 4:30 p.m. EDT to discuss the second quarter financial results and other business activities, as well as answer questions. Dial-in information is below:
Dial-in InformationU.S. Dial-in Number: +1-800-458-4121International Dial-in Number: +1-323-794-2093Webcast: http://public.viavid.com/index.php?id=146054Conference ID: 7301173
Following the conclusion of the conference call, a replay will be available through August 26, 2021. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website for 90 days. Replay access information is below:
Replay InformationU.S. Dial-in Number: +1-844-512-2921International Dial-in Number: +1-412-317-6671Replay PIN: 7301173
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, USA) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s product portfolio includes Unyvero, Acuitas AMR Gene Panel and Acuitas® Lighthouse, and the ARES Technology Platform including ARESdb, using NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction.
For more information, please visit www.opgen.com.
Forward-Looking Statements
This press release includes statements regarding OpGen’s second quarter and first half of 2021 results and the current business of OpGen. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the fact that we may not effectively use proceeds from our financings, the realization of expected benefits of our business combination transaction with Curetis GmbH, the success of our commercialization efforts, the impact of COVID-19 on the Company’s operations, financial results, and commercialization efforts as well as on capital markets and general economic conditions, the effect on our business of existing and new regulatory requirements, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
OpGen, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(unaudited) | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 31,182,385 | $ | 13,360,463 | |||||
Accounts receivable, net | 472,567 | 653,104 | |||||||
Inventory, net | 1,333,880 | 1,485,986 | |||||||
Prepaid expenses and other current assets | 2,081,549 | 1,388,090 | |||||||
Total current assets | 35,070,381 | 16,887,643 | |||||||
Property and equipment, net | 4,223,155 | 3,259,487 | |||||||
Finance lease right-of-use assets, net | 227,209 | 449,628 | |||||||
Operating lease right-of-use assets | 2,038,073 | 2,082,300 | |||||||
Goodwill | 7,790,595 | 8,024,729 | |||||||
Intangible assets, net | 15,662,324 | 16,580,963 | |||||||
Strategic inventory | 2,995,436 | 1,686,342 | |||||||
Other noncurrent assets | 555,190 | 779,953 | |||||||
Total assets | $ | 68,562,363 | $ | 49,751,045 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 1,207,113 | $ | 1,868,666 | |||||
Accrued compensation and benefits | 1,541,898 | 2,126,511 | |||||||
Accrued liabilities | 1,137,196 | 1,437,141 | |||||||
Deferred revenue | — | 9,808 | |||||||
Current maturities of long-term debt | — | 699,000 | |||||||
Short-term finance lease liabilities | 116,829 | 266,470 | |||||||
Short-term operating lease liabilities | 854,233 | 964,434 | |||||||
Total current liabilities | 4,857,269 | 7,372,030 | |||||||
Long-term debt, net | 20,670,941 | 19,378,935 | |||||||
Derivative liabilities | 222,387 | 112,852 | |||||||
Long-term finance lease liabilities | 18,693 | 46,794 | |||||||
Long-term operating lease liabilities | 2,910,810 | 1,492,544 | |||||||
Other long term liabilities | 146,344 | 156,635 | |||||||
Total liabilities | 28,826,444 | 28,559,790 | |||||||
Commitments and Contingencies | |||||||||
Stockholders' equity | |||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at December 31, 2020 and 2019, respectively | — | — | |||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 38,270,250 and 25,085,534 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 382,703 | 250,855 | |||||||
Additional paid-in capital | 260,027,841 | 219,129,045 | |||||||
Accumulated deficit | (222,672,979 | ) | (200,735,827 | ) | |||||
Accumulated other comprehensive income | 1,998,354 | 2,547,182 | |||||||
Total stockholders’ equity | 39,735,919 | 21,191,255 | |||||||
Total liabilities and stockholders’ equity | $ | 68,562,363 | $ | 49,751,045 | |||||
OpGen, Inc. | ||||||||||||||||||
Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||
Revenue | ||||||||||||||||||
Product sales | $ | 307,804 | $ | 601,304 | $ | 835,383 | $ | 968,237 | ||||||||||
Laboratory services | 266,784 | 25,992 | 450,849 | 25,992 | ||||||||||||||
Collaboration revenue | 237,027 | 561,089 | 355,099 | 811,089 | ||||||||||||||
Total revenue | 811,615 | 1,188,385 | 1,641,331 | 1,805,318 | ||||||||||||||
Operating expenses | ||||||||||||||||||
Cost of products sold | 342,580 | 713,916 | 896,634 | 990,470 | ||||||||||||||
Cost of services | 137,934 | 252,655 | 242,918 | 390,321 | ||||||||||||||
Research and development | 2,859,590 | 2,979,025 | 5,673,081 | 4,196,581 | ||||||||||||||
General and administrative | 2,692,255 | 2,491,571 | 5,355,912 | 4,193,019 | ||||||||||||||
Sales and marketing | 802,549 | 1,044,032 | 1,701,801 | 1,326,309 | ||||||||||||||
Transaction costs | — | 225,000 | — | 470,322 | ||||||||||||||
Impairment of intangibles assets | — | — | — | 750,596 | ||||||||||||||
Impairment of right-of-use asset | 115,218 | — | 170,714 | — | ||||||||||||||
Total operating expenses | 6,950,126 | 7,706,199 | 14,041,060 | 12,317,618 | ||||||||||||||
Operating loss | (6,138,511 | ) | (6,517,814 | ) | (12,399,729 | ) | (10,512,300 | ) | ||||||||||
Other (expense) income | ||||||||||||||||||
Gain on extinguishment of debt | 259,353 | — | 259,353 | — | ||||||||||||||
Warrant inducement expense | — | — | (7,755,541 | ) | — | |||||||||||||
Interest and other income, net | 4,702 | (5,656 | ) | 9,627 | 81,679 | |||||||||||||
Interest expense | (1,198,169 | ) | (1,044,891 | ) | (2,363,151 | ) | (1,083,158 | ) | ||||||||||
Foreign currency transaction gains/(losses) | (915 | ) | (289,788 | ) | 426,700 | (293,664 | ) | |||||||||||
Change in fair value of derivative financial instruments | (13,021 | ) | 382,511 | (114,411 | ) | 382,511 | ||||||||||||
Total other expense | (948,050 | ) | (957,824 | ) | (9,537,423 | ) | (912,632 | ) | ||||||||||
Loss before income taxes | (7,086,561 | ) | (7,475,638 | ) | (21,937,152 | ) | (11,424,932 | ) | ||||||||||
Provision for income taxes | — | — | — | — | ||||||||||||||
Net loss | $ | (7,086,561 | ) | $ | (7,475,638 | ) | $ | (21,937,152 | ) | $ | (11,424,932 | ) | ||||||
Net loss available to common stockholders | $ | (7,086,561 | ) | $ | (7,475,638 | ) | $ | (21,937,152 | ) | $ | (11,424,932 | ) | ||||||
Net loss per common share - basic and diluted | $ | (0.19 | ) | $ | (0.49 | ) | $ | (0.65 | ) | $ | (1.00 | ) | ||||||
Weighted average shares outstanding - basic and diluted | 38,268,293 | 15,403,986 | 33,900,964 | 11,427,322 | ||||||||||||||
Net loss | $ | (7,086,561 | ) | $ | (7,475,638 | ) | $ | (21,937,152 | ) | $ | (11,424,932 | ) | ||||||
Other comprehensive (loss)/income - foreign currency translation | 529,651 | 324,939 | (548,828 | ) | 364,416 | |||||||||||||
Comprehensive loss | $ | (6,556,910 | ) | $ | (7,150,699 | ) | $ | (22,485,980 | ) | $ | (11,060,516 | ) | ||||||
OpGen:Oliver SchachtPresident and CEOInvestorRelations@opgen.com
OpGen Press Contact:Matthew Bretzius FischTank Marketing and PR matt@fischtankpr.com
OpGen Investor Contact:Max ColbertEdison Groupmcolbert@edisongroup.com
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