Delaware | 001-38613 | 26-1756290 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
9540 Towne Centre Drive, Suite 100 San Diego, California | 92121 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.0001 par value per share | BNGO | The Nasdaq Stock Market, LLC | ||
Warrants to purchase Common Stock | BNGOW | The Nasdaq Stock Market, LLC |
Exhibit No. | Description | |
99.1 |
Bionano Genomics, Inc. | ||||
Date: November 7, 2019 | By: | /s/ R. Erik Holmlin, Ph.D. | ||
R. Erik Holmlin, Ph.D. | ||||
President and Chief Executive Officer (Principal Executive Officer) |
• | From January 1, 2020 through June 18, 2020, processed a 416 customer samples compared to a total of 212 customer samples in 2019. |
• | Since commercial launch of Saphyr through March 31, 2020, shipped 116 Saphyr instruments, of which 83 have been installed. |
• | In April 2020, completed an underwritten public offering of common stock, pre-funded warrants to purchase shares of common stock, and accompanying common warrants, resulting in approximately $18 million in gross proceeds to the Company, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. |
• | Retired $2.1 million of term loan debt in March 2020 and $2.9 million of term loan debt in April 2020, for an aggregate total of $5.0 million. |
• | In April 2020, received loan proceeds of approximately $1.77 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. |
• | Presented data at the European Society of Human Genetics (ESHG) Conference showing 100% concordance between the Saphyr system and standard cytogenetics in leukemias and constitutional aberrations. This is in addition to the data announced from Cancer Genomics Consortium members Drs. Brynn Levy, Columbia University, and Rashmi Kanagal-Shamanna, MD Anderson Cancer Center, that also demonstrated 100% concordance between Bionano Genomics’ optical mapping technology and current gold standard cytogenetic methods in leukemia. |
• | Strengthened intellectual property with the receipt of US Patent (No. 10,676,352) titled “Nanonozzle Device Arrays: Their Preparation and Use for Macromolecular Analysis,” covering the addition of a detector, such as a nanopore, to Bionano’s patented nanochannels. |
• | Announced the launch of a global network of studies aiming to identify genomic variants that influence COVID-19 disease resistance, sensitivity, disease progression and drug response. The first study will focus on the Wuhan, China outbreak, and will be performed at the site of Wuhan-based Bionano service provider GrandOmics in collaboration with Bionano Genomics. |
• | Announced that the University of Iowa Hospitals and Clinics (UIHC) will switch their method of clinical molecular testing for patients with presumed Facioscapulphmeral Muscular Dystrophy (FSHD) to optical mapping using Bionano’s Saphyr System. FSHD affects approximately 1 in 10,000 individuals in the United States. |
• | Announced that three top European sites adopted Saphyr for cancer, genetics and cytogenetic applications, bringing the total number of Saphyr systems installed at customer sites to 84. The new sites are Curie Institute in Paris, France; NHS Lothian in Edinburgh, Scotland, and MVZ Martinsried in Munich, Germany which have all begun operating Bionano’s system for genome analysis. |
• | Announced the appointments of Hannah Mamuszka and Yvonne Linney, Ph.D., to its Board of Directors. |
• | North America revenue decreased by $0.1 million, or 13%; |
• | EMEIA revenue decreased by $0.5 million, or 57%; and |
• | Asia Pacific revenue decreased by $0.1 million, or 78%. |
March 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 8,144,000 | $ | 17,311,000 | |||
Accounts receivable, net | 4,115,000 | 6,334,000 | |||||
Inventory, net | 3,611,000 | 3,444,000 | |||||
Prepaid expenses and other current assets | 1,112,000 | 1,169,000 | |||||
Total current assets | 16,982,000 | 28,258,000 | |||||
Property and equipment, net | 2,120,000 | 1,950,000 | |||||
Total assets | $ | 19,102,000 | $ | 30,208,000 | |||
Liabilities and stockholders’ equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,176,000 | $ | 2,699,000 | |||
Accrued expenses | 2,725,000 | 3,225,000 | |||||
Contract liabilities | 318,000 | 358,000 | |||||
Current portion of long-term debt | 16,969,000 | 20,085,000 | |||||
Total current liabilities | 23,188,000 | 26,367,000 | |||||
Long-term contract liabilities | 127,000 | 183,000 | |||||
Other non-current liabilities | — | 44,000 | |||||
Total liabilities | 23,315,000 | 26,594,000 | |||||
Total stockholders’ equity (deficit) | (4,213,000 | ) | 3,614,000 | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 19,102,000 | $ | 30,208,000 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Revenue: | |||||||
Product revenue | $ | 983,000 | $ | 1,688,000 | |||
Other revenue | 153,000 | 165,000 | |||||
Total revenue | 1,136,000 | 1,853,000 | |||||
Cost of revenue: | |||||||
Cost of product revenue | 774,000 | 1,120,000 | |||||
Cost of other revenue | 82,000 | 27,000 | |||||
Total cost of revenue | 856,000 | 1,147,000 | |||||
Operating expense: | |||||||
Research and development | 2,674,000 | 2,100,000 | |||||
Selling, general and administrative | 7,368,000 | 4,791,000 | |||||
Total operating expense | 10,042,000 | 6,891,000 | |||||
Loss from operations | (9,762,000 | ) | (6,185,000 | ) | |||
Other income (expense): | |||||||
Interest expense (1) | (761,000 | ) | (273,000 | ) | |||
Loss on debt extinguishment (1) | — | (1,333,000 | ) | ||||
Other expense (1) | 18,000 | (56,000 | ) | ||||
Total other income (expense) | (743,000 | ) | (1,662,000 | ) | |||
Loss before income taxes | (10,505,000 | ) | (7,847,000 | ) | |||
Benefit (provision) for income taxes | (5,000 | ) | (5,000 | ) | |||
Net loss | $ | (10,510,000 | ) | $ | (7,852,000 | ) |
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