Telesis Bio Inc.

CIK:0001850079|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 1,566	$ 4,098	$ 5,305	$ 15,780
Cost of revenue	557	1,562	3,988	5,497
Gross (loss) profit	1,009	2,536	1,317	10,283
Operating expenses:
Research and development	2,174	3,330	7,003	11,745
Sales and marketing	880	2,708	4,140	9,575
General and administrative	3,099	5,877	13,580	16,272
Impairment of property and equipment	333	200	1,350	200
Total operating expenses	6,486	11,915	26,073	37,592
Loss from operations	(5,477)	(9,379)	(24,756)	(27,309)
Other (expense) income, net:
Interest income	78	562	466	1,326
Interest expense, includes related-party amounts of $169 for the three and nine months ended September 30, 2024 and $0 for the three and nine months ended September 30, 2023, respectively	(219)	(1,245)	(650)	(2,591)
Loss on extinguishment of notes payable	(491)		(491)
Change in fair value of derivative liabilities		167		326
Other (expense) income, net	(72)	4	(218)	(35)
Total other expense, net	(704)	(512)	(893)	(974)
Loss before provision for income taxes	(6,181)	(9,891)	(25,649)	(28,283)
Provision for income taxes	(1)	(14)	(4)	(21)
Loss from continuing operations	(6,182)	(9,905)	(25,653)	(28,304)
Loss from discontinued operations	(460)	(726)	(2,211)	(1,733)
Net loss	(6,642)	(10,631)	(27,864)	(30,037)
Less: Redeemable convertible preferred stock dividends	(615)	(568)	(1,796)	(721)
Net loss attributable to common stockholders	$ (7,257)	$ (11,199)	$ (29,660)	$ (30,758)
Net loss per share from continuing operations attributable to common stockholders
Basic (in dollars per share)	$ (3.83)	$ (6.29)	$ (15.91)	$ (17.53)
Diluted (in dollars per share)	(3.83)	(6.29)	(15.91)	(17.53)
Net loss per share from discontinued operations attributable to common stockholders
Basic (in dollars per share)	(0.26)	(0.44)	(1.28)	(1.05)
Diluted (in dollars per share)	(0.26)	(0.44)	(1.28)	(1.05)
Net loss per share attributable to common stock holders
Basic (in dollars per share)	(4.09)	(6.73)	(17.2)	(18.58)
Diluted (in dollars per share)	$ (4.09)	$ (6.73)	$ (17.2)	$ (18.58)
Weighted average common stock outstanding
Basic (in shares)	1,772,663	1,663,710	1,724,794	1,655,318
Diluted (in shares)	1,772,663	1,663,710	1,724,794	1,655,318
Net loss	$ (6,642)	$ (10,631)	$ (27,864)	$ (30,037)
Unrealized (loss) gain on available-for-sale short-term investments		1	(3)	4
Foreign currency translation gain (loss)	4	(16)	(2)	(16)
Total comprehensive loss	(6,638)	(10,646)	(27,869)	(30,049)
Product revenue
Revenue:
Total revenue	930	2,435	3,035	8,106
Service revenue
Revenue:
Total revenue				101
Collaboration revenue
Revenue:
Total revenue		962		5,386
Royalties and other revenue
Revenue:
Total revenue	$ 636	$ 701	$ 2,270	$ 2,187

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net loss	$ (27,864)	$ (30,037)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,188	948
Amortization of intangible assets	336	338
Accrued interest due to related parties	146
Amortization of debt discount, includes related-party amounts of $23 and $0 for the nine months ended September 30, 2024 and 2023, respectively	142	692
Provision for credit losses	205	569
Stock-based compensation	2,201	3,347
Amortization of operating lease right-of-use assets	1,244	1,187
Change in fair value of derivative liabilities		(326)
Loss on disposal of property and equipment	219	28
Loss on extinguishment of notes payable	491
Impairment of net assets held for sale	273
Impairment of property and equipment	1,350	244
Change in inventory reserve	1,148	214
Accretion of discount on short-term investments	(227)	(369)
Changes in operating assets and liabilities:
Accounts receivable	3,943	66
Inventory	1,463	(2,319)
Deposits, prepaid expenses and other current assets	39	1,895
Accounts payable, accrued payroll and accrued liabilities	(1,029)	(2,181)
Deferred revenue	(21)	(2,803)
Operating lease liabilities	(860)	277
Operating cash flows from discontinued operations	71	891
Net cash used in operating activities	(15,542)	(27,339)
Cash Flows From Investing Activities:
Proceeds from maturities of short-term investments	21,604	23,248
Proceeds from sale of discontinued operations, net	1,454
Purchase of property and equipment	(638)	(1,626)
Purchases of short-term investments	(4,586)	(33,775)
Investing cash flows from discontinued operations	(13)	(102)
Net cash provided by (used in) investing activities	17,821	(12,255)
Cash Flows From Financing Activities:
Repayment of notes payable	(5,000)
Debt extinguishment costs	(815)
Proceeds from notes payable from related parties, net	5,668
Payment of employee restricted stock tax withholdings	(12)
Payments on finance leases	(59)	(40)
Proceeds from the exercise of common stock options	4	83
Proceeds from the issuance of common stock related to ESPP	12	126
Proceeds from the issuance of preferred stock, net of issuance costs		18,410
Proceeds from the issuance of warrants, net of issuance costs		8,007
Net cash (used in) provided by financing activities	(202)	26,586
Effect of exchange rate fluctuations on cash held	(2)	(16)
Net Increase in Cash, Cash Equivalents, and Restricted Cash	2,075	(13,024)
Cash, cash equivalents, and restricted cash at beginning of period	1,745	30,594
Cash, cash equivalents, and restricted cash at end of period	3,820	17,570
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	362	1,700
Cash paid for taxes	4	21
Supplemental Non-Cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable and accrued expenses	18	151
Redeemable convertible preferred stock dividends	1,796	721
Right-of-use-assets obtained in exchange for operating lease liabilities	2,625	27,342
Right-of-use assets derecognized upon lease modification	19,371
Equipment obtained in exchange for finance lease liabilities	$ 378	$ 325

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,720	$ 1,570
Restricted cash	100	175
Short-term investments	794	17,588
Accounts receivable, net of allowance for credit losses of $320 and $1,197 at September 30, 2024 and December 31, 2023, respectively	1,262	5,410
Inventory, net	1,099	3,710
Prepaid expenses and other current assets	1,101	1,008
Assets of discontinued operations	44	890
Total current assets	8,120	30,351
Property and equipment, net	4,092	6,298
Right-of-use assets	7,899	25,889
Other long-term assets	491	623
Goodwill	3,497	3,497
Other intangible assets, net	638	974
Noncurrent assets of discontinued operations	0	2,779
Total assets	24,737	70,411
Current liabilities:
Accounts payable	1,493	3,165
Accrued employee expenses	1,927	1,828
Finance lease liability, current portion	184	112
Operating lease liability, current portion	2,021	1,390
Deferred revenue, current portion	263	338
Other current liabilities	662	483
Current liabilities of discontinued operations	78	868
Total current liabilities	6,628	8,184
Finance lease liability, net of current portion	394	147
Operating lease liability, net of current portion	7,855	26,092
Notes payable, net of discount	5,837	5,269
Derivative liabilities	0	36
Deferred revenue, net of current portion	149	95
Noncurrent liabilities of discontinued operations	0	1,050
Total liabilities	20,863	40,873
Commitments and contingencies (Note 14)
Redeemable convertible preferred stock, 280,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively; liquidation preference of $31,096 and $29,300 at September 30, 2024 and December 31, 2023, respectively	31,096	29,300
Stockholders' (deficit) equity
Common stock, $0.0001 par value; 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 1,771,578 and 1,670,185 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	162,112	161,703
Accumulated other comprehensive loss	(5)	0
Accumulated deficit	(189,329)	(161,465)
Total stockholders' (deficit) equity	(27,222)	238
Total liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity	24,737	$ 70,411
Related Party
Current liabilities:
Notes payable, net of discount	$ 5,837