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Business Wire 11-Mar-2019 4:10 PM
FDA consultation completed for High Oleic Soybean, first-ever gene-edited food product marketed in U.S.
First sales of Calyxt High Oleic Soybean Oil, Calyno™, and High Oleic Soybean Meal
Collaboration with Agtegra Cooperative to distribute Calyxt High Oleic Soybean
48,000 acres contracted for 2019 growing season, more than double 2018 acres
Product pipeline advancing with High Fiber Wheat in line for next commercialization as early as 2022
Strengthened management team and board with addition of world-class talent
Cash, cash equivalents and restricted cash of $95.3M as of December 31, 2018
Calyxt, Inc. (NASDAQ:CLXT), a healthy food ingredient company, today announced its results for the fourth quarter and full year ended December 31, 2018.
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Investor Call Details
Calyxt will host an investor call on March 12, 2019 at 8:30 a.m. Eastern Time – 7:30 a.m. Central Time to discuss its financial results and provide a general business update.
The live dial-in information for the conference call is:
US & Canada only: 877-407-9747International: 412-902-0044
A replay of the call will be available until May 14, 2019 by calling 877-660-6853 (Toll Free US & Canada); 201-612-7415 (Toll Free International).
Webcast URL (Archived for 6 months): http://bit.ly/2UhORvp
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"2018 was a year of tremendous achievement for Calyxt. I am extremely proud to say that we received our first order for our premium High Oleic Soybean Oil, CalynoTM, with ~ 80% oleic acid content and zero grams of trans fat per serving. We believe this milestone welcomes a new era of food ingredients that are developed to help enhance the health profile of the consumer," said Jim Blome, CEO of Calyxt. "Our strong relationships with our strategic partners are building the foundation of our farmer network and supply chain. Our recently announced alliance with Agtegra positions us for continued growth of our soybean franchise. Our growing customer base validates our innovative business model. Having more than doubled last year's acres, we are on track for strong growth and we couldn't be more excited about what the future holds for Calyxt."
Regulatory
Calyxt completed a consultation with the Food and Drug Administration (FDA) for its High Oleic Soybean. After review, FDA had no further questions concerning human food ingredients or animal food derived from our High Oleic Soybean. CalynoTM oil is the first gene-edited food product to undergo such review and be commercialized in the U.S.
High Oleic Soybean
Product Candidate Pipeline
Corporate Update
Financial Highlights
Cash, cash equivalents and restricted cash were $95.3 million at December 31, 2018. We intend to continue to judiciously manage the use of cash and expect to have sufficient cash to fund the business into 2021.
For the three months ended December 31, 2018, we incurred losses from operations of $8.6 million and used net cash in operating activities of $6.7 million.
For the year ended December 31, 2018, we incurred losses from operations of $28.1 million and used net cash in operating activities of $20.3 million.
Our cash spend for 2019 will be focused in these areas:
We anticipate that our operating cash spend will be approximately $3.0 million per month on average in 2019.
About Calyxt
Calyxt, Inc. is a healthy food ingredient company with a mission of "Making the Foods You Love Healthier™". Calyxt develops crops by leveraging processes that occur in nature, combining its leading gene-editing technology and technical expertise with its innovative commercial strategy to bring healthier ingredients to the market. Calyxt is headquartered in Roseville, MN, and is listed on the Nasdaq market (NASDAQ:CLXT).
For further information please visit our website: www.calyxt.comCalyxt™, Calyno™ and the corporate logo are trademarks owned by Calyxt, Inc.
Calyxt Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the caption entitled "Risk Factors" in our Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by applicable laws.
CALYXT, INC. BALANCE SHEETS (In Thousands, Except Par Value and Share Amounts) |
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December 31, | ||||||||||
2018 |
2017 | |||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 93,794 | $ | 56,664 | ||||||
Restricted cash | 381 | - | ||||||||
Due from related parties | 46 | 167 | ||||||||
Prepaid expenses and other current assets | 1,301 | 626 | ||||||||
Total current assets | 95,522 | 57,457 | ||||||||
Non-current restricted cash | 1,113 | - | ||||||||
Land, buildings, and equipment | 21,850 | 14,353 | ||||||||
Other non-current assets | 306 | 357 | ||||||||
Total assets | $ | 118,791 | $ | 72,167 | ||||||
Liabilities and stockholders' equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 818 | $ | 1,023 | ||||||
Accrued expenses | 2,007 | 449 | ||||||||
Accrued compensation and benefits | 1,305 | 945 | ||||||||
Due to related parties | 1,905 | 1,350 | ||||||||
Current portion of financing lease obligations | 258 | - | ||||||||
Other current liabilities | 711 | 487 | ||||||||
Total current liabilities | 7,004 | 4,254 | ||||||||
Financing lease obligations | 18,227 | 10,148 | ||||||||
Other non-current liabilities | 163 | 289 | ||||||||
Total liabilities | 25,394 | 14,691 | ||||||||
Stockholders' equity: | ||||||||||
Common stock, $0.0001 par value; 275,000,000 shares authorized; 32,664,429 shares issued and 32,648,893 shares outstanding as of December 31, 2018, and 27,718,780 shares issued and outstanding as of December 31, 2017 | 3 | 3 | ||||||||
Additional paid-in capital | 176,069 | 112,021 | ||||||||
Common stock in treasury, at cost, shares of 15,536 as of December 31, 2018 | (230 | ) | - | |||||||
Accumulated deficit | (82,445 | ) | (54,548 | ) | ||||||
Total stockholders' equity | 93,397 | 57,476 | ||||||||
Total liabilities and stockholders' equity | $ | 118,791 | $ | 72,167 | ||||||
CALYXT, INC. STATEMENTS OF OPERATIONS (In Thousands Except Shares and Per Share Amounts) |
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Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2016 | |||||||||||||
Revenue |
$ |
236
|
$ | 508 | $ | 399 | |||||||||
Operating expenses: | |||||||||||||||
Cost of revenue | - | - | 200 | ||||||||||||
Research and development | 9,846 | 11,556 | 5,638 | ||||||||||||
Selling, general and administrative | 18,505 | 14,741 | 6,670 | ||||||||||||
Total operating expenses | 28,351 | 26,297 | 12,508 | ||||||||||||
Loss from operations | (28,115 | ) | (25,789 | ) | (12,109 | ) | |||||||||
Interest, net | 264 | (1 | ) | (5 | ) | ||||||||||
Foreign currency transaction (loss) gain | (46 | ) | (190 | ) | 28 | ||||||||||
Loss before income taxes | (27,897 | ) | (25,980 | ) | (12,086 | ) | |||||||||
Income taxes | - | - | - | ||||||||||||
Net loss | $ | (27,897 | ) | $ | (25,980 | ) | $ | (12,086 | ) | ||||||
Basic and diluted loss per share | $ | (0.91 | ) | $ | (1.12 | ) | $ | (0.62 | ) | ||||||
Weighted average shares outstanding - basic and diluted | 30,683,421 | 23,153,661 | 19,600,000 | ||||||||||||
CALYXT, INC. STATEMENTS OF CASH FLOWS (In Thousands) |
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Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2016 | |||||||||||||
Operating activities | |||||||||||||||
Net loss | $ | (27,897 | ) | $ | (25,980 | ) | $ | (12,086 | ) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||
Depreciation | 1,081 | 551 | 345 | ||||||||||||
Loss on disposal of land, buildings, and equipment | 23 | - | - | ||||||||||||
Stock-based compensation | 4,385 | 12,092 | 948 | ||||||||||||
Unrealized foreign exchange gain (loss) | (12 | ) | (34 | ) | - | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Trade accounts receivable | - | 110 | 107 | ||||||||||||
Due to/from related parties | 676 | (448 | ) | 1,702 | |||||||||||
Prepaid expenses and other assets | (675 | ) | (537 | ) | (387 | ) | |||||||||
Accounts payable | (193 | ) | 665 | 53 | |||||||||||
Accrued expenses | 1,558 | 86 | 137 | ||||||||||||
Accrued compensation and benefits | 360 | 613 | 88 | ||||||||||||
Other accrued liabilities | 442 | 97 | (144 | ) | |||||||||||
Net cash used by operating activities | (20,252 | ) | (12,785 | ) | (9,237 | ) | |||||||||
Investing activities | |||||||||||||||
Purchases of land, buildings and equipment | (1,847 | ) | (779 | ) | (10,424 | ) | |||||||||
Other | 50 | - | - | ||||||||||||
Net cash used by investing activities | (1,797 | ) | (779 | ) | (10,424 | ) | |||||||||
Financing activities | |||||||||||||||
Proceeds from issuance of common stock | 57,706 | 61,292 | - | ||||||||||||
Costs incurred related to the issuance of common stock | (665 | ) | (3,312 | ) | - | ||||||||||
Advances from Cellectis | - | 3,000 | - | ||||||||||||
Repayment of advances from Cellectis | - | (3,000 | ) | - | |||||||||||
Proceeds from the exercise of stock options | 2,622 | 265 | - | ||||||||||||
Purchases of common stock | (230 | ) | - | - | |||||||||||
Proceeds from sale and leaseback of land, buildings, and equipment | 1,240 | 6,957 | - | ||||||||||||
Net cash provided by financing activities | 60,673 | 65,202 | - | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 38,624 | 51,638 | (19,661 | ) | |||||||||||
Cash, cash equivalents and restricted cash - beginning of period | 56,664 | 5,026 | 24,687 | ||||||||||||
Cash, cash equivalents and restricted cash - end of period | $ | 95,288 | $ | 56,664 | $ | 5,026 |
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