AquaBounty Technologies, Inc. Announces Results for the Quarter and Nine Months Ended September 30, 2019
05 Noviembre 2019 - 3:01PM
AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the
“Company”), a land-based aquaculture company utilizing technology
to enhance productivity and sustainability, announces the Company’s
financial results for the third quarter and nine months ended
September 30, 2019.
Financial and Operational Summary:
- Production volume of salmon at Indiana farm now at 77 metric
tons;
- a marketing and communications agency was appointed to advance
commercialization activities, including consumer research;
- net loss for the nine-month period ended September 30,
2019, increased to $9.8 million from $8.0 million in the
corresponding period of the previous year, and net loss for the
three-month period ended September 30, 2019, increased to
$3.0 million from $2.7 million in the corresponding
period of the previous year, due to increases in production
operations, headcount, and legal fees in support of the U.S. Food
and Drug Administration’s (FDA) defense of their approval of
AquAdvantage Salmon; and
- cash at September 30, 2019, was $6.4 million
(December 31, 2018: $3.0 million).
Sylvia Wulf, Chief Executive Officer of AquaBounty, stated: “We
are thrilled with the progress of our salmon at our Indiana
farm. The fish are growing extremely well, and they look
fantastic. A new batch of AquAdvantage Salmon eggs was
recently received at the farm, and we now have three cohorts of
fish in the water. Every day we move closer to our first
harvests, which we expect to commence in June of next year.”
“I am also pleased to welcome Angela M. Olsen to AquaBounty in
her role as General Counsel. Her experience in regulatory
affairs and business development will be integral to our
international growth.”
About AquaBounty
Technologies:
AquaBounty is a leader in the field of land-based aquaculture
and the use of technology for improving its productivity and
sustainability. The Company’s objective is to ensure the
availability of high-quality seafood to meet global consumer
demand, while addressing critical production constraints in the
most popular farmed species. For more information about
AquaBounty, visit www.aquabounty.com.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended. All statements other than statements of historical fact
contained in this press release are forward-looking statements,
including statements regarding the potential for and timing of the
grow-out of our fish at our Indiana farm, the commercialization of
our products, the harvest and sale of our fish, and our
international growth. Forward-looking statements may be identified
with words such as “will,” “may,” “expect,” “plan,” “anticipate,”
“upcoming,” “believe,” “estimate,” or similar terminology, and the
negative of these terms. Forward-looking statements are not
promises or guarantees of future performance and are subject to a
variety of risks and uncertainties, many of which are beyond our
control, which could cause actual results to differ materially from
those contemplated in these forward-looking statements.
Forward-looking statements speak only as of the date hereof, and,
except as required by law, we undertake no obligation to update or
revise these forward-looking statements. For additional information
regarding these and other risks faced by us, please refer to our
public filings with the Securities and Exchange Commission (“SEC”),
available on the Investors section of our website at
www.aquabounty.com and on the SEC’s website at www.sec.gov.
|
AquaBounty Technologies, Inc. |
Consolidated Balance Sheets |
(unaudited) |
|
As of |
|
September 30, |
|
December 31, |
|
2019 |
|
2018 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
6,412,921 |
|
$ |
2,990,196 |
|
Certificate of deposit |
12,712 |
|
12,361 |
|
Other receivables |
73,340 |
|
115,982 |
|
Inventory |
477,077 |
|
76,109 |
|
Prepaid expenses and other current assets |
391,561 |
|
315,969 |
|
Total current assets |
7,367,611 |
|
3,510,617 |
|
|
|
|
|
Property, plant and equipment,
net |
24,780,705 |
|
23,716,768 |
|
Right of use assets, net |
413,235 |
|
— |
|
Definite-lived intangible
assets, net |
161,014 |
|
171,292 |
|
Indefinite-lived intangible
assets |
191,800 |
|
191,800 |
|
Other
assets |
45,001 |
|
80,583 |
|
Total
assets |
$ |
32,959,366 |
|
$ |
27,671,060 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ |
1,102,621 |
|
$ |
824,900 |
|
Other current liabilities |
61,315 |
|
20,423 |
|
Current debt |
149,069 |
|
71,613 |
|
Total current liabilities |
1,313,005 |
|
916,936 |
|
|
|
|
|
Long-term lease
obligations |
368,739 |
|
— |
|
Long-term debt |
4,397,539 |
|
3,519,821 |
|
Total liabilities |
6,079,283 |
|
4,436,757 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.001 par value, 50,000,000 shares authorized; |
|
|
|
|
21,605,322 (2018: 15,098,837) shares outstanding |
21,605 |
|
15,099 |
|
Additional paid-in capital |
156,022,668 |
|
142,707,957 |
|
Accumulated other comprehensive loss |
(440,738 |
) |
(574,186 |
) |
Accumulated deficit |
(128,723,452 |
) |
(118,914,567 |
) |
Total
stockholders’ equity |
26,880,083 |
|
23,234,303 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
32,959,366 |
|
$ |
27,671,060 |
|
|
|
|
|
|
|
|
AquaBounty Technologies, Inc. |
Consolidated Statements of Operations and Comprehensive
Loss |
(unaudited) |
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Product revenues |
$ |
— |
|
|
$ |
10,938 |
|
|
$ |
140,371 |
|
|
$ |
77,933 |
|
|
|
|
|
|
|
|
|
Costs and
expenses |
|
|
|
|
|
|
|
Product costs |
— |
|
|
8,874 |
|
|
120,605 |
|
|
72,393 |
|
Sales and marketing |
206,256 |
|
|
64,971 |
|
|
381,637 |
|
|
222,999 |
|
Research and development |
446,582 |
|
|
804,758 |
|
|
1,923,512 |
|
|
2,663,397 |
|
General and administrative |
2,346,754 |
|
|
1,852,362 |
|
|
7,489,622 |
|
|
5,067,226 |
|
Total costs and expenses |
2,999,592 |
|
|
2,730,965 |
|
|
9,915,376 |
|
|
8,026,015 |
|
|
|
|
|
|
|
|
|
Operating
loss |
(2,999,592 |
) |
|
(2,720,027 |
) |
|
(9,775,005 |
) |
|
(7,948,082 |
) |
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Gain on disposal of equipment |
— |
|
|
— |
|
|
8,548 |
|
|
11,745 |
|
Interest expense |
(17,933 |
) |
|
(5,169 |
) |
|
(45,483 |
) |
|
(15,854 |
) |
Other income (expense), net |
(697 |
) |
|
(1,832 |
) |
|
3,055 |
|
|
(5,773 |
) |
Total other income (expense) |
(18,630 |
) |
|
(7,001 |
) |
|
(33,880 |
) |
|
(9,882 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,018,222 |
) |
|
$ |
(2,727,028 |
) |
|
$ |
(9,808,885 |
) |
|
$ |
(7,957,964 |
) |
|
|
|
|
|
|
|
|
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
Foreign currency translation income (loss) |
(38,892 |
) |
|
84,711 |
|
|
133,448 |
|
|
(113,218 |
) |
Total other comprehensive income (loss) |
(38,892 |
) |
|
84,711 |
|
|
133,448 |
|
|
(113,218 |
) |
|
|
|
|
|
|
|
|
Comprehensive loss |
$ |
(3,057,114 |
) |
|
$ |
(2,642,317 |
) |
|
$ |
(9,675,437 |
) |
|
$ |
(8,071,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per
share |
$ |
(0.14 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.64 |
) |
Weighted average number of
common shares - |
|
|
|
|
|
|
|
basic and diluted |
21,604,072 |
|
|
12,848,376 |
|
|
19,556,607 |
|
|
12,528,995 |
|
|
|
|
|
|
|
|
|
For more information, contact:Dave ConleyCorporate
CommunicationsAquaBounty Technologies, Inc.+1 613 294 3078
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