$OMIC
Singular Genomics Systems Inc

2022 Q4 Form 10-Q Financial Statement

#000095017022022586 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $765.0K $0.00 $0.00
YoY Change
Cost Of Revenue $789.0K $0.00
YoY Change
Gross Profit -$24.00K $0.00
YoY Change
Gross Profit Margin -3.14%
Selling, General & Admin $11.75M $11.96M $8.551M
YoY Change 14.95% 39.89% 403.59%
% of Gross Profit
Research & Development $10.76M $12.73M $8.910M
YoY Change 13.8% 42.9% 46.55%
% of Gross Profit
Depreciation & Amortization $721.0K $639.0K $303.0K
YoY Change 98.08% 110.89% 77.19%
% of Gross Profit
Operating Expenses $22.51M $24.69M $17.46M
YoY Change 14.4% 41.42% 124.49%
Operating Profit -$22.53M -$24.69M -$17.46M
YoY Change 41.42% 124.49%
Interest Expense $1.429M $211.0K $234.0K
YoY Change -1742.53% -9.83% 15.84%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$7.000K
YoY Change -100.0% -135.0%
Pretax Income -$21.10M -$23.79M -$17.61M
YoY Change 6.79% 35.09% 122.0%
Income Tax
% Of Pretax Income
Net Earnings -$21.10M -$23.79M -$17.61M
YoY Change 6.79% 35.09% 122.0%
Net Earnings / Revenue -2758.3%
Basic Earnings Per Share -$0.33 -$0.25
Diluted Earnings Per Share -$0.29 -$0.33 -$245.5K
COMMON SHARES
Basic Shares Outstanding 71.40M 71.22M 71.56M
Diluted Shares Outstanding 71.22M 71.72M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $245.2M $264.7M $357.0M
YoY Change -27.72% -25.86%
Cash & Equivalents $74.27M $93.26M $239.3M
Short-Term Investments $170.9M $171.4M $117.8M
Other Short-Term Assets $4.102M $4.734M $7.214M
YoY Change -51.95% -34.38%
Inventory $18.22M $16.70M
Prepaid Expenses $3.003M $3.865M $7.214M
Receivables $913.0K
Other Receivables $0.00
Total Short-Term Assets $268.4M $286.1M $364.2M
YoY Change -22.81% -21.45%
LONG-TERM ASSETS
Property, Plant & Equipment $10.78M $9.589M $4.917M
YoY Change 77.6% 95.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.152M $1.166M $1.000M
YoY Change 2.04% 16.6%
Total Long-Term Assets $59.54M $59.36M $6.604M
YoY Change 654.86% 798.86%
TOTAL ASSETS
Total Short-Term Assets $268.4M $286.1M $364.2M
Total Long-Term Assets $59.54M $59.36M $6.604M
Total Assets $328.0M $345.5M $370.8M
YoY Change -7.78% -6.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.099M $2.975M $2.390M
YoY Change 31.98% 24.48%
Accrued Expenses $4.583M $5.480M $3.443M
YoY Change 7.13% 59.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $14.12M $14.18M $5.991M
YoY Change 109.34% 136.65%
LONG-TERM LIABILITIES
Long-Term Debt $10.07M $10.03M $9.868M
YoY Change 1.63% 1.6%
Other Long-Term Liabilities $1.015M $1.023M $2.904M
YoY Change -64.1% -64.77%
Total Long-Term Liabilities $11.08M $11.05M $12.77M
YoY Change -12.97% -13.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.12M $14.18M $5.991M
Total Long-Term Liabilities $11.08M $11.05M $12.77M
Total Liabilities $67.65M $68.55M $18.76M
YoY Change 247.39% 265.35%
SHAREHOLDERS EQUITY
Retained Earnings -$242.8M -$221.7M -$132.1M
YoY Change 59.84% 67.78%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $260.3M $276.9M $352.1M
YoY Change
Total Liabilities & Shareholders Equity $328.0M $345.5M $370.8M
YoY Change -7.78% -6.84%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$21.10M -$23.79M -$17.61M
YoY Change 6.79% 35.09% 122.0%
Depreciation, Depletion And Amortization $721.0K $639.0K $303.0K
YoY Change 98.08% 110.89% 77.19%
Cash From Operating Activities -$19.92M -$21.79M -$10.98M
YoY Change 26.87% 98.49% 64.68%
INVESTING ACTIVITIES
Capital Expenditures $1.818M -$1.127M -$1.621M
YoY Change -202.71% -30.48% 123.9%
Acquisitions
YoY Change
Other Investing Activities $1.989M -$36.99M -$4.088M
YoY Change -109.23% 804.84% -156.22%
Cash From Investing Activities $171.0K -$38.12M -$5.709M
YoY Change -100.73% 567.67% -187.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 750.0K 27.00K -1.320M
YoY Change -7.41% -102.05% 5639.13%
NET CHANGE
Cash From Operating Activities -19.92M -21.79M -10.98M
Cash From Investing Activities 171.0K -38.12M -5.709M
Cash From Financing Activities 750.0K 27.00K -1.320M
Net Change In Cash -19.00M -59.88M -18.00M
YoY Change -50.29% 232.55% 12669.5%
FREE CASH FLOW
Cash From Operating Activities -$19.92M -$21.79M -$10.98M
Capital Expenditures $1.818M -$1.127M -$1.621M
Free Cash Flow -$21.73M -$20.66M -$9.355M
YoY Change 56.04% 120.83% 57.47%

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StockIssuedDuringPeriodValueNewIssues
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2859000
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-22000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
352068000
us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
10570000
us-gaap Share Based Compensation
ShareBasedCompensation
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OperatingLeaseRightOfUseAssetAmortizationExpense
2601000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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us-gaap Depreciation
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1710000
us-gaap Depreciation
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
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us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
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us-gaap Proceeds From Sale Of Short Term Investments
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Interest Paid Net
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omic Fair Value Adjustment Of Convertible Promissory Notes
FairValueAdjustmentOfConvertiblePromissoryNotes
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omic Fair Value Adjustment Of Convertible Promissory Notes
FairValueAdjustmentOfConvertiblePromissoryNotes
35199000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2180000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13793000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
463000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6025000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
910000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
467000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1643000
omic Increase Decrease In Accrued Expenses
IncreaseDecreaseInAccruedExpenses
-1202000
omic Increase Decrease In Accrued Expenses
IncreaseDecreaseInAccruedExpenses
1851000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
20000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-136000
omic Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-960000
omic Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
0
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
450000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
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us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
146070000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
84674000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
15049000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4204000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3094000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
489000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-338000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3519000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
237199000
omic Proceeds From Issuance Of Convertible Promissory Notes
ProceedsFromIssuanceOfConvertiblePromissoryNotes
0
omic Proceeds From Issuance Of Convertible Promissory Notes
ProceedsFromIssuanceOfConvertiblePromissoryNotes
130500000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
10500000
us-gaap Repayments Of Debt
RepaymentsOfDebt
0
us-gaap Repayments Of Debt
RepaymentsOfDebt
10400000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
151000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
371318000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
227780000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201736000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12170000
us-gaap Interest Paid Net
InterestPaidNet
449000
omic Initial Lease Liability Recognized Upon Lease Commencements
InitialLeaseLiabilityRecognizedUponLeaseCommencements
43231000
omic Initial Lease Liability Recognized Upon Lease Commencements
InitialLeaseLiabilityRecognizedUponLeaseCommencements
0
omic Initial Lease Liability Recognized Upon Adoption Of Asc842
InitialLeaseLiabilityRecognizedUponAdoptionOfAsc842
7074000
omic Initial Lease Liability Recognized Upon Adoption Of Asc842
InitialLeaseLiabilityRecognizedUponAdoptionOfAsc842
0
omic Noncurrent Desposit Transferred To Property And Equipment
NoncurrentDespositTransferredToPropertyAndEquipment
759000
omic Noncurrent Desposit Transferred To Property And Equipment
NoncurrentDespositTransferredToPropertyAndEquipment
0
omic Vesting Of Restricted Stock
VestingOfRestrictedStock
604000
omic Vesting Of Restricted Stock
VestingOfRestrictedStock
558000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9589000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6072000
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
334000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
160000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
319000
omic Inventory Transferred To Property And Equipment
InventoryTransferredToPropertyAndEquipment
104000
omic Inventory Transferred To Property And Equipment
InventoryTransferredToPropertyAndEquipment
0
omic Conversion Of Notes To Common Stock
ConversionOfNotesToCommonStock
0
omic Conversion Of Notes To Common Stock
ConversionOfNotesToCommonStock
165699000
omic Conversion Of Preferred Stock To Common Stock
ConversionOfPreferredStockToCommonStock
0
omic Conversion Of Preferred Stock To Common Stock
ConversionOfPreferredStockToCommonStock
69184000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-221700000
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-151900000
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
263800000
omic Period Of Operations Sufficient To Fund
PeriodOfOperationsSufficientToFund
P12M
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8259000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
93262000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
201049000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1711000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
687000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94973000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201736000
CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
171996000
CY2022Q3 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-1418000
CY2022Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
170578000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
138312000
CY2021Q4 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-138000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
138174000
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
154450000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
94085000
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
16128000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
44089000
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
170578000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
138174000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3897000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2187000
us-gaap Revenue Recognition Allowances
RevenueRecognitionAllowances
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Revenue Recognition</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company expects to recognize revenue from sales of the G4, related consumable flow cell kits and services. Although the Company commenced shipping the G4 in the second quarter of 2022, the Company will not recognize revenue from shipped instruments until the applicable acceptance criteria have been met.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The process of revenue recognition involves five steps: (1) identifying the contract with a customer; (2) determining the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations based on standalone selling prices; and (5) recognizing revenue when or as the performance obligations are satisfied.<br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Identifying the Contract</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—Contracts are agreements with the Company’s customers that create enforceable rights and obligations. In some cases, the Company may account for multiple contracts as one contract.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Determining Performance Obligations</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—Performance obligations are promises to transfer goods or services to a customer that are distinct. A performance obligation is considered distinct from other obligations in a contract when it is separately identified in the contract and provides a benefit to the customer either on its own or together with other resources that are readily available to the customer. The Company’s distinct performance obligations primarily consist of the delivery and installation of the G4, delivery of consumables and providing related support services.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Determining the Transaction Price</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—The transaction price is the amount of consideration the Company expects to be entitled from the customer in exchange for the promised goods or services and is generally fixed and stated in the contract with the customer.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Allocating the Transaction Price to Each Performance Obligation</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—The Company allocates the transaction price to each performance obligation based on the Company’s estimate of each performance obligation’s standalone selling price. Until the Company has sufficient volume of historical sales data for each performance obligation, the Company determines the standalone selling price using observable prices when available and the adjusted market approach, which is primarily based on prices set by management, adjusted for applicable discounts.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:5.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Recognizing Revenue</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">—The allocated transaction price for each performance obligation is recognized as revenue as the Company satisfies each performance obligation. In instances where right of payment or transfer of title is contingent on the customer’s acceptance of the product, revenue is not recognized until the acceptance criteria have been met.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7100000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q1 us-gaap Deferred Rent Credit
DeferredRentCredit
700000
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
12282000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2565000
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
4177000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
446000
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
241000
CY2022Q3 us-gaap Inventory Net
InventoryNet
16700000
CY2021Q4 us-gaap Inventory Net
InventoryNet
3011000
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3865000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3715000
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
869000
CY2021Q4 us-gaap Interest Receivable
InterestReceivable
1050000
CY2022Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
840000
CY2021Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
761000
CY2022Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
5574000
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
5526000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2022Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4437000
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3516000
CY2022Q3 omic Accrued Contracted Research Costs Current
AccruedContractedResearchCostsCurrent
356000
CY2021Q4 omic Accrued Contracted Research Costs Current
AccruedContractedResearchCostsCurrent
41000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
30000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
200000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
657000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
521000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5480000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4278000
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DebtInstrumentMaturityDate
2023-09-01
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0065
omic Debt Instrument Interest Rate Due On Maturity Date
DebtInstrumentInterestRateDueOnMaturityDate
0.0550
CY2021Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
15000000.0
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2026-09-01
us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0075
omic Debt Instrument Interest Rate Due On Maturity Date
DebtInstrumentInterestRateDueOnMaturityDate
0.0400
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
500000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
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CY2022Q3 omic Interest And Final Payment Fee
InterestAndFinalPaymentFee
2565000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10500000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10500000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
474000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
596000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
10026000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
9904000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
125000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
745000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2482000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5700000
CY2022Q3 omic Longtermdebtmaturitiesrepaymentsofprincipalinyearthreeandthereafter
Longtermdebtmaturitiesrepaymentsofprincipalinyearthreeandthereafter
4013000
CY2022Q3 omic Long Term Debt Maturities Repayments Of Principal Including Interest Payments
LongTermDebtMaturitiesRepaymentsOfPrincipalIncludingInterestPayments
13065000
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
10500000
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
474000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
10026000
CY2019Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P30D
CY2022Q1 omic Initial Lease Term
InitialLeaseTerm
P144M
CY2022Q1 us-gaap Lessor Operating Lease Renewal Term
LessorOperatingLeaseRenewalTerm
P60M
CY2022Q1 us-gaap Net Rentable Area
NetRentableArea
64.80
CY2022Q1 omic Annual Increases Percentage
AnnualIncreasesPercentage
0.03
CY2022Q1 omic Maximum Tenant Improvement Amount
MaximumTenantImprovementAmount
33000000
CY2022Q1 omic Tenant Improvements Amount
TenantImprovementsAmount
24000000
CY2022Q1 omic Improvements Interest Rate
ImprovementsInterestRate
0.07
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
1100000
CY2022Q1 us-gaap Security Deposit
SecurityDeposit
1100000
CY2022Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
0.0001
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3296183
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.03
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.036
CY2022Q1 omic Cash Payments
CashPayments
7500000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y10M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.091
CY2022Q3 omic Cash Payments
CashPayments
88000000.0
us-gaap Operating Leases Income Statement Initial Direct Costs
OperatingLeasesIncomeStatementInitialDirectCosts
6400000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
us-gaap Variable Lease Cost
VariableLeaseCost
1800000
us-gaap Operating Lease Cost
OperatingLeaseCost
4500000
us-gaap Operating Lease Cost
OperatingLeaseCost
800000
CY2022Q3 omic Lessee Operating Lease Liability Payments Due Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsDueRemainderOfFiscalYear
1315000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6550000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7762000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5560000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11126000
CY2022Q3 omic Lessee Operating Lease Liability Payments Due Year Four And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndThereafter
55690000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
88003000
CY2022Q3 omic Operating Lease Future Minimum Payments Less Discount
OperatingLeaseFutureMinimumPaymentsLessDiscount
-38977000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
49026000
CY2022Q3 omic Less Current Portion
LessCurrentPortion
5703000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
43323000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
179000000.0
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Next Rolling Twelve Months
OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths
1315000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
6550000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
7762000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
10902000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Rolling After Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive
24906000
CY2022Q3 omic Operating Leases Future Minimum Payments Thereafter
OperatingLeasesFutureMinimumPaymentsThereafter
215419000
CY2022Q3 omic Future Minimum Payments Total
FutureMinimumPaymentsTotal
266854000
CY2022Q1 omic Percentage Of Amended Shares Of Common Stock
PercentageOfAmendedSharesOfCommonStock
0.049
CY2022Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
38826388
CY2022Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
39020122
CY2022Q3 omic Temporary Equity Share Issued
TemporaryEquityShareIssued
38826388
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
38826388
CY2022Q3 omic Aggregate Liquidation Preference
AggregateLiquidationPreference
69500000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors.
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5322314
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6379794
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.12
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
314553
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.50
omic Share Based Compensation Arrangements By Share Based Payment Award Options Forfeited In Period Weighted Average Forfeiture Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageForfeiturePrice
13.41
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9659301
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.39
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M28D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3811963
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.85
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M7D
CY2022Q3 omic Liability For Cash Received From Early Exercise Of Stock
LiabilityForCashReceivedFromEarlyExerciseOfStock
600000
CY2021Q4 omic Liability For Cash Received From Early Exercise Of Stock
LiabilityForCashReceivedFromEarlyExerciseOfStock
1700000
CY2022Q3 omic Number Of Early Exercise Stock Option Remain Subject To Repurchase
NumberOfEarlyExerciseStockOptionRemainSubjectToRepurchase
654487
CY2021Q4 omic Number Of Early Exercise Stock Option Remain Subject To Repurchase
NumberOfEarlyExerciseStockOptionRemainSubjectToRepurchase
2198933
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3399000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2859000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10570000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6296000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
30900000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5756
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7722
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0198
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0091
omic Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.0000
omic Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.0000
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
17764256
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12813788
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7453097

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