(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K |
Bionano Genomics, Inc. | ||||||||||||||
Date: | By: | /s/ R. Erik Holmlin, Ph.D. | ||||||||||||
R. Erik Holmlin, Ph.D. | ||||||||||||||
President and Chief Executive Officer (Principal Executive Officer) |
![]() | ![]() |
Date: | Wednesday, May 8th, 2024 | ||||
Time: | 4:30 p.m. ET | ||||
Participant Dial-In: | Toll Free: 1-833-630-1956 International: 1-412-317-1837 | ||||
Webcast Link: | https://edge.media-server.com/mmc/p/5z343pph/ |
BIONANO GENOMICS, INC | |||||||||||
Condensed Consolidated Balance Sheet (Unaudited) | |||||||||||
(Unaudited) | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 15,759,000 | $ | 17,948,000 | |||||||
Investments | 12,561,000 | 48,823,000 | |||||||||
Accounts receivable, net | 8,313,000 | 9,319,000 | |||||||||
Inventory | 19,587,000 | 22,892,000 | |||||||||
Prepaid expenses and other current assets | 4,945,000 | 6,019,000 | |||||||||
Restricted investments | 24,446,000 | 35,117,000 | |||||||||
Total current assets | 85,611,000 | 140,118,000 | |||||||||
Restricted cash | 400,000 | 400,000 | |||||||||
Property and equipment, net | 25,279,000 | 23,345,000 | |||||||||
Operating lease right-of-use asset | 4,870,000 | 5,633,000 | |||||||||
Financing lease right-of-use asset | 3,453,000 | 3,503,000 | |||||||||
Intangible assets, net | 31,734,000 | 33,974,000 | |||||||||
Other long-term assets | 6,648,000 | 7,431,000 | |||||||||
Total assets | $ | 157,995,000 | $ | 214,404,000 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 9,844,000 | $ | 10,384,000 | |||||||
Accrued expenses | 11,028,000 | 8,089,000 | |||||||||
Contract liabilities | 1,035,000 | 783,000 | |||||||||
Operating lease liability | 2,190,000 | 2,163,000 | |||||||||
Finance lease liability | 269,000 | 272,000 | |||||||||
Purchase option liability (at fair value) | 5,060,000 | 8,534,000 | |||||||||
Convertible notes payable (at fair value) | 29,080,000 | 69,803,000 | |||||||||
Total current liabilities | 58,506,000 | 100,028,000 | |||||||||
Operating lease liability, net of current portion | 2,755,000 | 3,590,000 | |||||||||
Finance lease liability, net of current portion | 3,575,000 | 3,585,000 | |||||||||
Contingent consideration | 10,250,000 | 10,890,000 | |||||||||
Long-term contract liabilities | 138,000 | 154,000 | |||||||||
Total liabilities | 75,224,000 | 118,247,000 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock | 6,000 | 5,000 | |||||||||
Preferred Stock | — | — | |||||||||
Additional paid-in capital | 695,411,000 | 677,337,000 | |||||||||
Accumulated deficit | (612,630,000) | (581,208,000) | |||||||||
Accumulated other comprehensive income (loss) | (16,000) | 23,000 | |||||||||
Total stockholders’ equity | 82,771,000 | 96,157,000 | |||||||||
Total liabilities and stockholders’ equity | $ | 157,995,000 | $ | 214,404,000 | |||||||
Bionano Genomics, Inc. | |||||||||||
Condensed Consolidated Statement of Operations (Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Product revenue | $ | 6,828,000 | $ | 5,447,000 | |||||||
Service and other revenue | 1,941,000 | 1,968,000 | |||||||||
Total revenue | 8,769,000 | 7,415,000 | |||||||||
Cost of revenue: | |||||||||||
Cost of product revenue | 4,904,000 | 3,858,000 | |||||||||
Cost of service and other revenue | 1,041,000 | 1,487,000 | |||||||||
Total cost of revenue | 5,945,000 | 5,345,000 | |||||||||
Operating expenses: | |||||||||||
Research and development | 9,779,000 | 13,937,000 | |||||||||
Selling, general and administrative | 19,536,000 | 25,976,000 | |||||||||
Restructuring costs | 4,632,000 | — | |||||||||
Total operating expenses | 33,947,000 | 39,913,000 | |||||||||
Loss from operations | (31,123,000) | (37,843,000) | |||||||||
Other income (expenses): | |||||||||||
Interest income | 1,044,000 | 704,000 | |||||||||
Interest expense | (122,000) | (76,000) | |||||||||
Other income (expense) | (1,239,000) | 117,000 | |||||||||
Total other income (expense) | (317,000) | 745,000 | |||||||||
Loss before income taxes | (31,440,000) | (37,098,000) | |||||||||
Provision for income taxes | 18,000 | (26,000) | |||||||||
Net loss | $ | (31,422,000) | $ | (37,124,000) | |||||||
Bionano Genomics, Inc. | |||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
GAAP gross margin: | |||||||||||
GAAP revenue | $ | 8,769,000 | $ | 7,415,000 | |||||||
GAAP cost of revenue | 5,945,000 | 5,345,000 | |||||||||
GAAP gross profit | 2,824,000 | 2,070,000 | |||||||||
GAAP gross margin % | 32 | % | 28 | % | |||||||
Adjusted non-GAAP gross margin: | |||||||||||
GAAP revenue | $ | 8,769,000 | $ | 7,415,000 | |||||||
GAAP cost of revenue | 5,945,000 | 5,345,000 | |||||||||
Stock-based compensation expense | (128,000) | (146,000) | |||||||||
COGS restructuring | (11,000) | — | |||||||||
Adjusted non-GAAP cost of revenue | 5,806,000 | 5,199,000 | |||||||||
Adjusted non-GAAP gross profit | 2,963,000 | 2,216,000 | |||||||||
Adjusted non-GAAP gross margin % | 34 | % | 30 | % | |||||||
GAAP operating expense | |||||||||||
GAAP selling, general and administrative expense | $ | 19,536,000 | $ | 25,976,000 | |||||||
Stock-based compensation expense | (1,716,000) | (2,379,000) | |||||||||
Intangible asset amortization | (1,792,000) | (1,792,000) | |||||||||
Change in fair value of contingent consideration | 640,000 | (789,000) | |||||||||
Loss on intangible asset impairment | (448,000) | — | |||||||||
Transaction related expenses | (91,000) | — | |||||||||
Adjusted non-GAAP selling, general and administrative expense | 16,129,000 | 21,016,000 | |||||||||
GAAP research and development expense | $ | 9,779,000 | $ | 13,937,000 | |||||||
Stock-based compensation expense | (1,171,000) | (1,357,000) | |||||||||
Adjusted non-GAAP research and development expense | 8,608,000 | 12,580,000 | |||||||||
GAAP restructuring costs | $ | 4,632,000 | $ | — | |||||||
Restructuring costs | (4,632,000) | — | |||||||||
Adjusted non-GAAP restructuring costs | — | — | |||||||||
Total adjusted non-GAAP operating expense | $ | 24,737,000 | $ | 33,596,000 | |||||||
Cover |
May 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 08, 2024 |
Entity Registrant Name | Bionano Genomics, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38613 |
Entity Tax Identification Number | 26-1756290 |
Entity Address, Address Line One | 9540 Towne Centre Drive, Suite 100 |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92121 |
City Area Code | 858 |
Local Phone Number | 888-7600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Trading Symbol | BNGO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001411690 |
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