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Telesis Bio (DNAY) investor relations material
Telesis Bio Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for the nine months ended September 30, 2024 was $5.3 million, down from $15.8 million year-over-year, with a net loss of $27.9 million compared to $30.0 million in 2023.
The company completed the sale of its EtonBio subsidiary in August 2024, which is now reflected as a discontinued operation.
Telesis Bio's common stock was delisted from Nasdaq in September 2024 and now trades on the OTC Pink market.
As of September 30, 2024, cash, cash equivalents, restricted cash, and short-term investments totaled $4.6 million, insufficient to fund operations for the next twelve months.
Management has identified a material weakness in internal controls, which remains unremediated as of September 30, 2024.
Financial highlights
Product revenue for the nine months ended September 30, 2024 was $3.0 million, down from $8.1 million year-over-year.
Gross margin declined to 25% from 65% year-over-year, mainly due to lower collaboration revenue and increased inventory reserves.
Operating expenses decreased to $26.1 million from $37.6 million year-over-year, driven by headcount reductions and cost controls.
Net loss per share for the nine months was $(17.20), compared to $(18.58) in the prior year.
Cash used in operating activities was $15.5 million for the nine months ended September 30, 2024.
Outlook and guidance
Management expects current cash and investments will not be sufficient to fund operations for at least twelve months from the financial statement issuance date.
The company plans to seek additional financing through equity, debt, or strategic transactions but faces uncertainty regarding availability and terms.
Ongoing cost reduction efforts are expected to continue, with a focus on sales and marketing of developed products.
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