Calyxt,
Inc. (NASDAQ:CLXT), a consumer-centric, food- and
agriculture-focused company, today announced its results for the
three-month period and the first half period ended June 30, 2018.
The first half of 2018 saw significant growth of the Company’s lead
product candidate, a non-GMO, high-oleic soybean variety, designed to
yield soybean oil with over 80% oleic oil content that is completely
trans fat free. With over 17,000 acres planted, Calyxt surpassed its
initial goal of 12,000 acres, with over 90% of existing farmers
re-planting. With the commercial launch of this product in the US later
this year, Calyxt is well positioned within the industry, following the
FDA ban on all trans fats in the U.S. going into effect in 2018. Calyxt
also welcomes the recently unveiled World Health Organization’s plan to
remove all trans fats worldwide from the food chain by 2023.
The recent move into its new state-of-the-art, farm-to-kitchen facility
enables Calyxt to accelerate and expand its product pipeline, with a
continued focus on a variety of pressing health- and agronomic needs.
High-Oleic Soybean Update:
Pipeline Update:
Regulatory & IP:
Completion of New Facility:
Follow-On Offering:
Financial Highlights
Cash and cash equivalents were $105.6 million at June 30, 2018. We
intend to continue to judiciously manage the use of cash and expect to
have sufficient cash to fund the business until late 2020. Cellectis
remains our majority shareholder with 70.24% of our common stock as of
June 30, 2018.
Pursuant to the follow-on offering, in aggregate, the Company received
net proceeds of approximately $57.0 million, after deducting
underwriting discounts and commissions of $3.2 million and offering
expenses totaling approximately $0.7 million. As part of the follow-on
offering, Cellectis purchased 550,000 shares of common stock for a value
of $8.3 million, the proceeds of which are included in the net proceeds
of approximately $57.0 million.
For the three months ended June 30, 2018, we incurred losses from
operations of $7.6 million and used net cash in operating activities of
$2.3 million. For the six months ended June 30, 2018, we incurred losses
from operations of $11.9 million and used net cash in operating
activities of $8.8 million. The first semester cash spend includes
spending on high-oleic soybean seed production to support our Spring
2018 planting of high-oleic soybeans.
Looking forward for the rest of 2018, we anticipate that our operating
cash spend will be in the range of $2.0 to $2.2 million per month
excluding working capital for grain purchases in the later part of 2018.
Cash will be used to expand our R&D team to advance key products in the
portfolio and continue to build our commercial capabilities.
Calyxt, Inc.
Condensed Balance Sheets
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Calyxt, Inc.
Condensed Statements of Operations
(Amounts in Thousands except Shares Outstanding and Per Share
Amounts)
Calyxt, Inc.
Condensed Statement of Stockholders’ Equity
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Calyxt, Inc.
Condensed Statements of Cash Flows
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About Calyxt
Calyxt, Inc. is a consumer-centric, food- and agriculture-focused
company. Calyxt is pioneering a paradigm shift to deliver healthier food
ingredients, such as healthier oils and high fiber wheat, for consumers
and crop traits that benefit the environment and reduce pesticide
applications, such as disease tolerance, for farmers. Calyxt develops
non-transgenic crops leveraging processes that occur in nature by
combining its leading gene-editing technology and technical expertise
with its innovative commercial strategy. Calyxt is located in
Minneapolis-St. Paul, MN, and is listed on the Nasdaq market (ticker:
CLXT).
For further information please visit our website: www.calyxt.comCalyxt™
and the corporate logo are trademarks owned by Calyxt, Inc.TALEN®
is a registered trademark owned by the Cellectis S.A.
Calyxt Forward-Looking Statements
This communication contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, you can identify these
statements by forward-looking words such as “may,” “might,” “will,”
“should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue,” the negative of these terms and
other comparable terminology. These forward-looking statements, which
are subject to risks, uncertainties and assumptions about us, may
include projections of our future financial performance, our anticipated
growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations and
projections about future events. There are important factors that could
cause our actual results, level of activity, performance or achievements
to differ materially from the results, level of activity, performance or
achievements expressed or implied by the forward-looking statements,
including those factors discussed under the caption entitled “Risk
Factors” in our Annual Report on Form 10-K, along with our other filings
with the U.S. Securities and Exchange Commission. We do not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change, except as
otherwise required by applicable laws.
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