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BILLERICA, Mass., Nov. 09, 2022 (GLOBE NEWSWIRE) — SeqLL Inc. (“SeqLL” or the “Company”) (NASDAQ: SQL; SQLLW), a technology company providing life sciences instrumentation and research services aimed at the development of novel scientific assets and intellectual property, today announced its operating and financial results for the third quarter ended September 30, 2022.
Third Quarter 2022 Results and Financial Highlights
We recognized $193,776 related to the change in fair value of our convertible notes in the three-month period ended September 30, 2021. No such convertible notes were in existence for the three-month period ended September 30, 2022.
We recognized interest expense of $17,188 and $41,066 in the three months ended September 30, 2022 and 2021, respectively, representing a decrease of $23,878, or 58%. The decrease in interest expense was due to a decrease in our outstanding indebtedness as a result of the conversion of $2.1 million in notes to equity concurrently with the consummation of our initial public offering on August 31, 2021.
About True Single Molecule Sequencing (tSMS) Technology
SeqLL’s collaborators are thoroughly committed to using only our tSMS platform in their scientific research due to its unique RNA and DNA sequencing and related services. Our true single molecule sequencing platform is NGS technology offers maximum flexibility and avoids many of the challenges common for standard NGS approaches. It that enables direct sequencing of millions of individual molecules not requiring PCR amplification at any stage of the process and a simple, economical sample prep protocols. Therefore, it captures a precise sample composition, without bias and loss of diversity and rare species. Our tSMS platform is ideally suited for RNA biomarker discovery and diagnostic assay developments, including challenging applications for the standard NGS platform, such as low quantity, difficult or degraded samples of cell-free DNA, FFPE-isolated nucleic acids, ancient DNA and forensic samples.
About SeqLL, Inc.
SeqLL Inc. (“SeqLL”) is a technology company providing life sciences instrumentation and research services in collaborative partnerships aimed at the development of novel scientific assets and intellectual property across multiple “omics” fields. The Company leverages its expertise with its True Single Molecule Sequencing (“tSMS®”) platform to empower scientists and researchers with improved genetic tools to better understand the molecular mechanisms of disease that is essential to the continued development of new breakthroughs in genomic medicine, and that hopefully address the critical concerns involved with today’s precision medicine. In sum, our experienced team works with our collaborators to develop innovative solutions tailored to the needs of each specific project.
Forward Looking Statements
This press release contains certain forward-looking statements, including those related to the applicability and viability of the Company’s technology to quantifying RNA molecules from blood and other statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s filings with the Securities and Exchange Commission, including its registration statement on Form S-1, as amended, under the caption “Risk Factors.”
Condensed Consolidated Balance Sheets
|September 30,||December 31,|
|Cash and cash equivalents||$||4,453,521||$||4,015,128|
|Accounts receivable, net of allowance for doubtful accounts of $6,016||29,514||30,714|
|Total current assets||7,512,455||10,424,382|
|Property and equipment, net||548,966||265,267|
|Operating lease right-of-use asset||1,161,743||–|
|Liabilities and Stockholders’ Equity|
|Non-convertible promissory notes – current||–||1,375,000|
|Current portion of operating lease liability||83,145||–|
|Total current liabilities||970,819||2,557,769|
|Operating lease liability, less current portion||1,491,649||–|
|Non-convertible promissory notes – long-term||1,375,000||–|
|Commitments and contingencies (Note 11)|
|Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding||–||–|
|Common stock, $0.00001 par value; 80,000,000 shares authorized; 11,886,379 shares issued and outstanding||119||119|
|Additional paid-in capital||22,786,005||22,596,100|
|Total stockholders’ equity||5,513,455||8,182,368|
|Total liabilities and stockholders’ equity||$||9,350,923||$||10,740,137|
Condensed Consolidated Statements of Operations
|Three months ended
|Nine months ended
|Cost of sales||–||4,049||690||44,792|
|Research and development||428,771||90,658||1,129,286||133,074|
|General and administrative||489,729||360,944||1,700,340||1,173,565|
|Total operating expenses||918,500||451,602||2,829,626||1,306,639|
|Other (income) and expenses|
|Unrealized loss (gain) on marketable securities||242||–||(54,266||)||–|
|Realized loss on marketable securities||–||–||106,324||–|
|Interest and other income||(9,981||)||(93||)||(18,457||)||(190,193||)|
|Change in fair value of convertible notes||–||193,776||–||195,962|
|Loss on extinguishment of convertible notes||–||–||–||934,257|
|Net loss per share – basic and diluted||$||(0.08||)||$||(0.09||)||$||(0.24||)||$||(0.41||)|
|Weighted average common shares – basic and diluted||11,886,379||7,171,232||11,886,379||5,642,100|