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Jun 30, 2022
Cibus Q2 2022 Earnings Report
Announced financial results for the second quarter ended June 30, 2022.
Key Takeaways
Calyxt reported its Q2 2022 financial results, revealing nominal revenue of $41,000 compared to $11.9 million in the same quarter last year due to the completion of the wind-down of the Company’s soybean product line in late 2021. Net loss was $2.5 million, an improvement from $4.8 million in Q2 2021. The company's cash, cash equivalents, and restricted cash totaled $11.9 million as of June 30, 2022.
Evaluated nine new customer demand-driven plant-based chemistries in the quarter, bringing cumulative chemistries evaluated for development to 95.
31 chemistries meet Calyxt’s target profile and several are the subject of term sheet discussions
Engineering solution for a high-value molecule planned to be delivered in early 2023 to a large global consumer packaged goods company
Progressing discussions with multiple potential infrastructure partners who would produce chemistries in various sizes of bioreactors from pilot to commercial scale.
Cibus
Cibus
Forward Guidance
Calyxt anticipates its cash runway to extend into early 2023, supported by disciplined cash management and proceeds from a February 2022 common stock and warrants offering.
Positive Outlook
- Focused on product development activities using PlantSpring for BioFactory production.
- Advancing the licensing of patents and traits.
- Discussions with potential infrastructure partners are progressing.
- Infrastructure partners offer the potential to scale production for potential customers.
- Adopting an asset-lite approach that accelerates the speed in which Calyxt can bring chemistries to potential customers.
Challenges Ahead
- Unspecified risks related to the company's filings with the SEC
- Impact of increased competition
- Competition for customers, partners, and licensees
- Disruptions at key facilities
- Flaws in AIML algorithms