$OMIC
Singular Genomics Systems Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023019626 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $505.0K $863.0K $0.00
YoY Change
Cost Of Revenue $597.0K $807.0K $0.00
YoY Change
Gross Profit -$92.00K $56.00K $0.00
YoY Change
Gross Profit Margin -18.22% 6.49%
Selling, General & Admin $14.89M $13.20M $11.38M
YoY Change 22.2% 16.08% 211.3%
% of Gross Profit 23578.57%
Research & Development $12.62M $12.23M $10.65M
YoY Change 4.67% 14.89% 61.09%
% of Gross Profit 21839.29%
Depreciation & Amortization $874.0K $793.0K $461.0K
YoY Change 43.28% 72.02% 118.48%
% of Gross Profit 1416.07%
Operating Expenses $27.51M $25.43M $22.02M
YoY Change 13.48% 15.5% 114.58%
Operating Profit -$27.60M -$25.38M -$22.02M
YoY Change 13.86% 15.25% 114.58%
Interest Expense $270.0K $259.0K $142.0K
YoY Change 3.45% 82.39% -24.47%
% of Operating Profit
Other Income/Expense, Net $2.025M $1.745M $0.00
YoY Change -100.0%
Pretax Income -$25.58M -$23.63M -$22.01M
YoY Change 6.65% 7.39% -8.0%
Income Tax
% Of Pretax Income
Net Earnings -$25.58M -$23.63M -$22.01M
YoY Change 6.65% 7.39% -8.01%
Net Earnings / Revenue -5064.95% -2738.47%
Basic Earnings Per Share -$0.35 -$0.33 -$0.31
Diluted Earnings Per Share -$0.35 -$0.33 -$309.9K
COMMON SHARES
Basic Shares Outstanding 72.04M 71.94M 70.59M
Diluted Shares Outstanding 72.51M 71.93M 71.01M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.2M $226.5M $316.0M
YoY Change -28.06% -28.3% 110.51%
Cash & Equivalents $74.82M $129.3M $188.6M
Short-Term Investments $132.4M $97.26M $127.4M
Other Short-Term Assets $4.131M $2.752M $3.486M
YoY Change -28.24% -21.06% 149.0%
Inventory $14.35M $17.16M $6.329M
Prepaid Expenses $3.466M $2.120M $2.289M
Receivables $32.00K $14.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $225.7M $246.5M $325.8M
YoY Change -26.23% -24.35% 115.04%
LONG-TERM ASSETS
Property, Plant & Equipment $11.49M $11.26M $6.714M
YoY Change -80.04% 67.69% 139.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.223M $1.152M $2.125M
YoY Change -57.99% -45.79% 51.79%
Total Long-Term Assets $58.29M $59.00M $16.32M
YoY Change -3.6% 261.44% 298.1%
TOTAL ASSETS
Total Short-Term Assets $225.7M $246.5M $325.8M
Total Long-Term Assets $58.29M $59.00M $16.32M
Total Assets $284.0M $305.5M $342.1M
YoY Change -22.5% -10.71% 119.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.974M $1.977M $3.525M
YoY Change -50.86% -43.91% 403.57%
Accrued Expenses $4.147M $3.353M $2.911M
YoY Change -55.38% 15.18% 32.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.95M $12.49M $9.082M
YoY Change 4.79% 37.52% 14.96%
LONG-TERM LIABILITIES
Long-Term Debt $10.14M $10.10M $9.941M
YoY Change 1.53% 1.63% -93.34%
Other Long-Term Liabilities $854.0K $998.0K $1.728M
YoY Change -98.13% -42.25% -36.0%
Total Long-Term Liabilities $10.99M $11.10M $11.67M
YoY Change -80.21% -4.87% -92.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.95M $12.49M $9.082M
Total Long-Term Liabilities $10.99M $11.10M $11.67M
Total Liabilities $65.59M $65.14M $24.63M
YoY Change -4.73% 164.49% -84.59%
SHAREHOLDERS EQUITY
Retained Earnings -$292.0M -$266.4M -$173.9M
YoY Change 53.19%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $218.4M $240.3M $317.5M
YoY Change
Total Liabilities & Shareholders Equity $284.0M $305.5M $342.1M
YoY Change -22.5% -10.71% 119.87%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$25.58M -$23.63M -$22.01M
YoY Change 6.65% 7.39% -8.01%
Depreciation, Depletion And Amortization $874.0K $793.0K $461.0K
YoY Change 43.28% 72.02% 118.48%
Cash From Operating Activities -$20.00M -$17.93M -$19.84M
YoY Change -21.74% -9.6% 115.99%
INVESTING ACTIVITIES
Capital Expenditures $306.0K $162.0K $939.0K
YoY Change -114.31% -82.75% 85.21%
Acquisitions
YoY Change
Other Investing Activities -$34.78M $73.11M $9.325M
YoY Change 342.04% 683.99% -110.37%
Cash From Investing Activities -$35.09M $72.95M $8.386M
YoY Change 250.65% 769.84% -109.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.00K
YoY Change -99.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 618.0K 6.000K 23.00K
YoY Change 511.88% -73.91% -99.98%
NET CHANGE
Cash From Operating Activities -20.00M -17.93M -19.84M
Cash From Investing Activities -35.09M 72.95M 8.386M
Cash From Financing Activities 618.0K 6.000K 23.00K
Net Change In Cash -54.47M 55.02M -11.43M
YoY Change 53.61% -581.34% -133.78%
FREE CASH FLOW
Cash From Operating Activities -$20.00M -$17.93M -$19.84M
Capital Expenditures $306.0K $162.0K $939.0K
Free Cash Flow -$20.30M -$18.10M -$20.78M
YoY Change -13.28% -12.91% 114.38%

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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
55017000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11430000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
75977000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201736000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130994000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190306000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
216000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
105000
CY2023Q1 omic Inventory Transferred To Property And Equipment
InventoryTransferredToPropertyAndEquipment
1009000
CY2022Q1 omic Inventory Transferred To Property And Equipment
InventoryTransferredToPropertyAndEquipment
0
CY2023Q1 omic Purchases Of Inventory Included In Accounts Payable
PurchasesOfInventoryIncludedInAccountsPayable
562000
CY2022Q1 omic Purchases Of Inventory Included In Accounts Payable
PurchasesOfInventoryIncludedInAccountsPayable
0
CY2023Q1 omic Purchases Of Inventory Included In Accrued Expenses
PurchasesOfInventoryIncludedInAccruedExpenses
217000
CY2022Q1 omic Purchases Of Inventory Included In Accrued Expenses
PurchasesOfInventoryIncludedInAccruedExpenses
0
CY2023Q1 omic Vesting Of Restricted Stock
VestingOfRestrictedStock
97000
CY2022Q1 omic Vesting Of Restricted Stock
VestingOfRestrictedStock
344000
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
97000
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
164000
CY2023Q1 omic Initial Lease Liability Recognized Upon Adoption Of Asc842
InitialLeaseLiabilityRecognizedUponAdoptionOfAsc842
0
CY2022Q1 omic Initial Lease Liability Recognized Upon Adoption Of Asc842
InitialLeaseLiabilityRecognizedUponAdoptionOfAsc842
7074000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-266400000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-242800000
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
226100000
CY2023Q1 omic Period Of Operations Sufficient To Fund
PeriodOfOperationsSufficientToFund
P12M
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
129283000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74266000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1711000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1711000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130994000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
75977000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
97181000
CY2023Q1 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-391000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
96790000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
171147000
CY2022Q4 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-837000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
170310000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
90240000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
155920000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
6550000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
14390000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
96790000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
170310000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15342000
CY2023Q1 us-gaap Revenue Recognition Allowances
RevenueRecognitionAllowances
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;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 generates revenue from sales of products which consist of its G4 instrument, related consumable flow cell kits and services. Revenue from instrument sales is recognized generally upon customer acceptance. Revenue from consumables sales is recognized generally upon shipment to the customer. Revenue from services, which are primarily comprised of assurance-type services, is recognized over the applicable service period.</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><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;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;">Revenue is recorded net of discounts and sales taxes. The Company invoices its customers for instruments generally upon acceptance, for consumables generally on delivery, and for services generally in advance of the service period. Invoice terms are generally net 30 days. Cash received from customers in advance of revenue recognition is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;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 regularly enters into contracts that include a combination of products and services, which are distinct within the context of the contract and are accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its 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 with consideration of current market conditions which is primarily based on prices set by management, adjusted for applicable discounts. The Company then recognizes revenue for each performance obligation as that performance obligations is satisfied as discussed above.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;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;">For the three months ended March 31, 2023 and 2022, the Company recognized </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><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">0.9</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;"> million</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;"> and $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> of revenue related to sales of instruments and consumables products, respectively. Contract liabilities, which consists of deferred revenue, as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">March 31, 2023 and March 31, 2022 were </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">0.3</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;"> million</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;"> and $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">0</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;">, respectively. As of </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;">March 31, 2023, $0.1 million of this balance was classified as current. Deferred revenue represents the value of performance obligations that have been invoiced but for which revenue has not yet been earned.</span></p><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;">For the three months ended March 31, 2023</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;">, all of the Company’s revenue was generated within the United Sates. During the period, the Company generated substantially all of its revenue from </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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;">three</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;"> customers</span>
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
900000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
300000
CY2022Q1 us-gaap Deferred Revenue
DeferredRevenue
0
CY2023Q1 omic Number Of Customers
NumberOfCustomers
3
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;">Concentration of Credit Risk</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:5.0pt;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;">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of short-term investments in a variety of interest-bearing instruments, which have included U.S. government and agency securities, high-grade U.S. corporate bonds and asset-backed securities. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits with financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company is monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, including Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver, and all of SVB’s deposits and substantially all of SVB’s assets were transferred into a new entity, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 12, 2023, the Department of the Treasury, the Federal Reserve and the FDIC jointly released a statement that depositors at SVB would have access to their funds, even those in excess of the standard FDIC insurance limits, under a systemic risk exception. Such parties also announced, among other items, that SVBB had assumed the obligations and commitments of former SVB; commitments to advance under existing credit agreements with former SVB will be honored by SVBB pursuant to the terms of such credit agreements. On March 27, 2023, First-Citizens Bank &amp; Trust Company (“First Citizens Bank”) assumed all of SVBB’s obligations and commitments, and SVBB began operating as Silicon Valley Bank, a division of First Citizens Bank. Unless otherwise noted herein, all references to SVB or Silicon Valley Bank shall refer to Silicon Valley Bank, a division of First Citizens Bank. In light of the foregoing, the Company does not believe it has exposure to loss as a result of SVB’s receivership. During the periods presented, the Company has not experienced any losses on its cash, restricted cash, cash equivalents or marketable securities.</span></p>
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
12621000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
14508000
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
4309000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3276000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
230000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
437000
CY2023Q1 us-gaap Inventory Net
InventoryNet
17160000
CY2022Q4 us-gaap Inventory Net
InventoryNet
18221000
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2120000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3003000
CY2023Q1 us-gaap Interest Receivable
InterestReceivable
632000
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
1099000
CY2023Q1 us-gaap Deposits Assets Current
DepositsAssetsCurrent
472000
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
620000
CY2023Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
3224000
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
4722000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16606000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5347000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
900000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4558000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11259000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10784000
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2266000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3580000
CY2023Q1 omic Accrued Contracted Research Costs Current
AccruedContractedResearchCostsCurrent
433000
CY2022Q4 omic Accrued Contracted Research Costs Current
AccruedContractedResearchCostsCurrent
360000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
362000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
204000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
292000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
439000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3353000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4583000
CY2019Q4 us-gaap Debt Instrument Maturity Date
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
CY2023Q1 omic Debt Instrument Interest Rate Due On Maturity Date
DebtInstrumentInterestRateDueOnMaturityDate
0.0400
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
400000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
400000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2100000
CY2023Q1 us-gaap Operating Leases Income Statement Initial Direct Costs
OperatingLeasesIncomeStatementInitialDirectCosts
3000000.0
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10500000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10500000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
397000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
435000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
10103000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
10065000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
623000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2665000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5813000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4036000
CY2023Q1 omic Long Term Debt Maturities Repayments Of Principal Including Interest Payments
LongTermDebtMaturitiesRepaymentsOfPrincipalIncludingInterestPayments
13137000
CY2023Q1 omic Interest And Final Payment Fee
InterestAndFinalPaymentFee
2637000
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
10500000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
397000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
10103000
CY2023Q1 omic Accrued Payment Related To Milestone
AccruedPaymentRelatedToMilestone
400000
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 Operating Leases Income Statement Initial Direct Costs
OperatingLeasesIncomeStatementInitialDirectCosts
1100000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
300000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
700000
CY2023Q1 omic Lessee Operating Lease Liability Payments Due Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsDueRemainderOfFiscalYear
5233000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
7765000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5560000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5565000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5447000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5611000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
50192000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
85373000
CY2023Q1 omic Operating Lease Future Minimum Payments Less Discount
OperatingLeaseFutureMinimumPaymentsLessDiscount
-36871000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
48502000
CY2023Q1 omic Less Current Portion
LessCurrentPortion
6952000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
41550000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
179000000.0
CY2023Q1 omic Operating Leases Future Minimum Payments Due On Fiscal Year
OperatingLeasesFutureMinimumPaymentsDueOnFiscalYear
5233000
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Next Rolling Twelve Months
OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths
7765000
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
10902000
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
19346000
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
19657000
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive
20246000
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Rolling After Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive
181076000
CY2023Q1 omic Future Minimum Payments Total
FutureMinimumPaymentsTotal
264225000
CY2022Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
0.0001
CY2022Q1 omic Percentage Of Amended Shares Of Common Stock
PercentageOfAmendedSharesOfCommonStock
0.049
CY2023Q1 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 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 day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors.
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
21641815
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9637022
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.35
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4066881
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.17
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1659417
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.41
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19479
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.56
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
464834
CY2023Q1 omic Share Based Compensation Arrangements By Share Based Payment Award Options Forfeited In Period Weighted Average Forfeiture Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeitedInPeriodWeightedAverageForfeiturePrice
6.81
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10812126
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.69
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1368000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4373163
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.44
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y6M
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
936000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.21
CY2023Q1 omic Liability For Cash Received From Early Exercise Of Stock
LiabilityForCashReceivedFromEarlyExerciseOfStock
400000
CY2022Q4 omic Liability For Cash Received From Early Exercise Of Stock
LiabilityForCashReceivedFromEarlyExerciseOfStock
500000
CY2023Q1 omic Number Of Early Exercise Stock Option Remain Subject To Repurchase
NumberOfEarlyExerciseStockOptionRemainSubjectToRepurchase
392966
CY2022Q4 omic Number Of Early Exercise Stock Option Remain Subject To Repurchase
NumberOfEarlyExerciseStockOptionRemainSubjectToRepurchase
526660
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3081000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3566000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
28000000.0
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7848
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5687
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0365
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0167
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16071575
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13316913

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