Singular Genomics Systems, Inc.

CIK:0001850906|SEC Filings

Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 406	$ 462	$ 1,586	$ 1,830
Cost of revenue	707	527	2,483	1,931
Gross margin	(301)	(65)	(897)	(101)
Operating expenses:
Research and development	9,568	11,220	31,790	36,074
Selling, general and administrative	8,202	13,254	35,036	41,345
Total operating expenses	17,770	24,474	66,826	77,419
Loss from operations	(18,071)	(24,539)	(67,723)	(77,520)
Other income (expense):
Interest income	1,562	2,464	5,506	6,763
Interest expense	(286)	(285)	(856)	(814)
Total other income	1,276	2,179	4,650	5,949
Net loss	$ (16,795)	$ (22,360)	$ (63,073)	$ (71,571)
Basic and diluted net loss per share, Basic	$ (6.72)	$ (9.25)	$ (25.41)	$ (29.73)
Basic and diluted net loss per share, Diluted	$ (6.72)	$ (9.25)	$ (25.41)	$ (29.73)
Weighted Average Number of Shares Outstanding, Basic	2,501,093	2,417,001	2,481,956	2,407,276
Weighted Average Number of Shares Outstanding, Diluted	2,501,093	2,417,001	2,481,956	2,407,276

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (63,073)	$ (71,571)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	7,247	8,717
Depreciation	3,152	2,533
Amortization of right-of-use lease assets	2,041	3,036
Gain on lease modification	(1,590)	0
Accretion of discount on short-term investments	(1,255)	(46)
Long-lived asset impairment	182	1,900
Accretion of debt issuance costs	119	110
Lease incentives received	0	1,840
Changes in operating assets and liabilities:
Accounts receivable	382	514
Inventory, net	(1,622)	(940)
Prepaid expenses and other current assets	575	312
Other noncurrent assets	83	1,040
Accounts payable	(147)	(1,314)
Accrued expenses	(1,032)	370
Other current liabilities	(340)	139
Lease liabilities	(6,332)	(1,422)
Other noncurrent liabilities	81	37
Net cash used in operating activities	(61,529)	(54,745)
Investing activities
Purchases of short-term investments	(37,853)	(129,099)
Maturities of shot-term investments	135,553	122,846
Sales of short-term investments	169	19,987
Purchases of property and equipment	(33)	(578)
Net cash provided by investing activities	97,836	13,156
Financing activities
Proceeds from issuance of common stock under employee stock purchase plan	80	624
Proceeds from issuance of common stock under equity incentive plans	0	13
Repurchases of common stock under equity incentive plans	0	(13)
Net cash provided by financing activities	80	624
Net increase in cash and cash equivalents and restricted cash	36,387	(40,965)
Cash and cash equivalents and restricted cash, beginning of year	16,833	75,977
Cash and cash equivalents and restricted cash, end of year	53,220	35,012
Supplemental disclosure for cash activities
Interest paid	821	777
Supplemental disclosure for non-cash activities
Increase (decrease) in lease liability on lease modifications	(14,729)	19,475
Inventory transferred to property and equipment	1,643	6,498
Purchase of property and equipment included in accounts payable	447	0
Purchases of inventory included in accounts payable	135	647
Vesting of common stock issued for early exercise of stock options	$ 65	$ 300

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 52,620	$ 16,233
Short-term investments	61,213	157,708
Accounts receivable	183	565
Inventory, net	12,410	13,572
Prepaid expenses and other current assets	3,384	4,150
Total current assets	129,810	192,228
Right-of-use lease assets	42,617	57,797
Property and equipment, net	12,457	13,692
Restricted cash	600	600
Other noncurrent assets	1,067	1,150
Total assets	186,551	265,467
Current liabilities:
Accounts payable	1,882	2,587
Accrued expenses	4,887	6,079
Lease liabilities, current	5,469	7,764
Other current liabilities	5,371	1,857
Total current liabilities	17,609	18,287
Lease liabilities, non current	39,857	58,623
Long-term debt, net of issuance costs	5,166	8,901
Other noncurrent liabilities	666	650
Total liabilities	63,298	86,461
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 par value; 400,000,000 shares authorized, 2,507,171 and 2,460,772 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	7
Additional paid-in capital	523,838	516,439
Accumulated other comprehensive gain (loss)	83	155
Accumulated deficit	(400,668)	(337,595)
Total stockholders' equity	123,253	179,006
Total liabilities and stockholders' equity	186,551	265,467
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Stockholders' equity:
Series A common stock equivalent convertible preferred stock, $0.0001 par value; 7,000 shares authorized, 2,500 shares issued and outstanding at September 30, 2024 and December 31, 2023	$ 0	$ 0