IsoPlexis Reports Third Quarter 2021 Financial Results
Year-to-date 2021 revenue increased 68% over prior year period
BRANFORD, Conn., Nov. 10, 2021 /PRNewswire/ -- IsoPlexis Corporation (Nasdaq: ISO), the leader in functional single-cell proteomics, today reported financial results for the quarter ended September 30, 2021.
Recent Highlights
- Revenue of $4.2 million for the third quarter of 2021, an increase of 28% over the corresponding period of 2020
- Revenue of $11.7 million year-to-date in 2021, an increase of 68% over the corresponding period of 2020
- Announced Duomic™, our integrated single-cell functional multi-omic biology platform
- ◦ Presented first proof-of-concept data on tumor biology at AGBT Precision Health
- ◦ Presenting first proof-of concept data on T-cell immunology and cell therapy at Society for Immunotherapy of Cancer
- Demonstrated traction with customer publications in two Nature Medicine publications and Journal of Clinical Oncology showing clinical utility and unique use cases of the IsoPlexis platform for cell therapy and cancer immunology
- Completed initial public offering in October, raising net proceeds of approximately $111.0 million
- Strengthened senior leadership team with additions of Anthony Catalano, SVP of Operations, Richard Rew, Secretary, SVP and General Counsel, Michelle Reid, VP of Service and Support, Raj Khakhar, VP Finance, and Jason Ou, Asia-Pacific General Manager
- Appointed Dr. Jason Myers, formerly CEO of ArcherDx, Siddhartha Kadia, formerly President of Life Technologies, and Michael Egholm, formerly CTO of Danaher Life Sciences and President of Pall Life Sciences, to Board of Directors
"At IsoPlexis, our team is focused on leveraging our unique combination of proteomics and single cell biology to accelerate advanced curative medicines," said Sean Mackay, Co-founder and CEO of IsoPlexis. "As academic medical centers, biotechs, and biopharma recognize the need to move beyond genomics and into proteomics, we are well-positioned as a leader in single-cell proteomics to capture interest and market share in the field of advanced immune medicines."
Third Quarter 2021 Financial Results
Revenue was $4.2 million for the three months ended September 30, 2021, a 28% increase from $3.3 million for the three months ended September 30, 2020. This increase was primarily attributable to an increase in consumable revenue driven by an increase in the number of units at customer locations.
Gross margin was 47% for the third quarter of 2021, as compared to 54% for the corresponding prior year period. The decrease in gross margin was driven primarily by the increased cost of raw materials and increases in inventory reserves.
Operating expenses were $21.9 million for the third quarter of 2021, a 173% increase from $8.0 million for the three months ended September 30, 2020. The increase in operating expenses was primarily driven by headcount expansion across our business, primarily centered around the commercial organization.
Operating loss was $19.9 million for the third quarter of 2021, as compared to $6.3 million for the corresponding prior year period.
Net loss was $20.2 million for the third quarter of 2021, as compared to a net loss of $5.0 million for the corresponding prior year period.
Cash was $40.7 million as of September 30, 2021. Subsequent to the end of the quarter, on October 12, 2021, IsoPlexis completed its initial public offering, raising approximately $111.0 million of net proceeds, after deducting underwriting discounts and commissions and other offering expenses.
2021 Guidance
IsoPlexis expects full year 2021 revenue to grow by at least 61% compared to full year 2020.
Webcast Information
IsoPlexis will host a conference call to discuss the third quarter 2021 financial results before market open on Wednesday, November 10, 2021 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.
About IsoPlexis
IsoPlexis is leading a new era of functional proteomics. By identifying our most proteomically active single cells (or "superhero cells") for the first time, IsoPlexis enables researchers to connect more directly to in vivo biology and develop more precise and personalized therapies. 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 and at the majority 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 assurance 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 2021 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," "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 develop 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; 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 the final prospectus for the Company's IPO dated October 7, 2021 and filed with the Securities and Exchange Commission ("SEC") on October 12, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, and our other 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 al 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, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact
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Press Contact
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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) | 2021 | 2020 | 2021 | 2020 |
Revenue | ||||
Product revenue | $ 3,890 | $ 3,025 | $ 10,906 | $ 6,115 |
Service revenue | 303 | 254 | 810 | 868 |
Total revenue | 4,193 | 3,279 | 11,716 | 6,983 |
Cost of product revenue | 2,207 | 1,505 | 5,758 | 3,275 |
Cost of service revenue | 13 | 13 | 41 | 89 |
Gross profit | 1,973 | 1,761 | 5,917 | 3,619 |
Operating expenses: | ||||
Research and development expenses | 4,700 | 2,474 | 13,869 | 7,468 |
General and administrative expenses | 7,106 | 2,575 | 16,670 | 6,247 |
Sales and marketing expenses | 10,066 | 2,962 | 27,097 | 7,774 |
Total operating expenses | 21,872 | 8,011 | 57,636 | 21,489 |
Loss from operations | (19,899) | (6,250) | (51,719) | (17,870) |
Other income and (expense): | ||||
Grant income | 862 | 1,225 | 2,189 | 2,717 |
Change in fair value of warrants and loan commitment | (97) | (21) | (4,104) | (64) |
Interest income | 1 | 1 | 9 | 3 |
Interest expense | (1,066) | — | (2,687) | — |
Net loss | $ (20,199) | $ (5,045) | $ (56,312) | $ (15,214) |
Accrued dividends on preferred stock | (3,400) | (1,558) | (10,010) | (4,541) |
Net loss attributable to common stockholders | (23,599) | (6,603) | (66,322) | (19,755) |
Basic and diluted net loss per common share | $ (10.66) | $ (3.16) | $ (30.59) | $ (9.48) |
Weighted-average common shares outstanding—basic | 2,213,825 | 2,086,345 | 2,168,259 | 2,084,497 |
IsoPlexis Corporation Condensed Consolidated Balance Sheets (unaudited) | ||
(in thousands, except share amounts) | September 30, | December 31, |
Assets | ||
Current assets: | ||
Cash | $ 40,739 | $ 106,641 |
Accounts receivable, net | 3,493 | 2,922 |
Inventories, net | 20,232 | 3,955 |
Prepaid expenses and other current assets | 7,613 | 2,156 |
Total current assets | 72,077 | 115,674 |
Property and equipment, net | 4,558 | 3,227 |
Intangible assets, net | 21,266 | 1,643 |
Other assets | 1,971 | 3,061 |
Total assets | $ 99,872 | $ 123,605 |
Liabilities, redeemable convertible preferred stock and stockholders' deficit | ||
Current liabilities: | ||
Accounts payable | $ 5,909 | $ 2,137 |
Accrued expenses and other current liabilities | 5,384 | 2,129 |
Deferred revenue | 1,089 | 356 |
Deferred rent | 76 | — |
Total current liabilities | 12,458 | 4,622 |
Warrant liability | 8,330 | 4,637 |
Long-term debt | 31,767 | 22,137 |
Total liabilities: | 52,555 | 31,396 |
Commitments and contingencies Redeemable convertible preferred stock: | ||
Series A preferred stock, $0.001 par value per share, 253,862 shares authorized, | 1,596 | 1,596 |
Series A-2 preferred stock, $0.001 par value per share, 293,180 shares authorized; | 3,870 | 3,623 |
Series B preferred stock, $0.001 par value per share, 376,061 shares authorized, | 6,606 | 6,606 |
Series B-2 preferred stock, $0.001 par value per share, 237,183 shares authorized, | 6,991 | 6,991 |
Series C preferred stock, $0.001 par value per share, 564,287 shares authorized, | 24,839 | 24,839 |
Series C-2 preferred stock, $0.001 par value per share, 515,218 shares authorized, | 24,929 | 24,929 |
Series D preferred stock, $0.001 par value per share, 1,202,549 shares authorized; | 84,876 | 74,876 |
Stockholders' deficit: | ||
Common stock, $0.001 par value, 400,000,000 shares authorized; 2,214,960 and 2,133,904 | ||
2 | 2 | |
Additional paid-in capital | 2,324 | 1,151 |
Accumulated deficit | (108,716) | (52,404) |
Total stockholders' deficit | (106,390) | (51,251) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $ 99,872 | $ 123,605 |
SOURCE IsoPlexis
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