MaxCyte Reports
Fourth Quarter and Full Year 2023 Financial Results and Reiterates
2024 Guidance
ROCKVILLE, MD, March 13, 2024 - MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading,
cell-engineering focused company providing enabling platform
technologies to advance the discovery, development, and
commercialization of next-generation cell therapeutics and
innovative bioprocessing applications, today announced its fourth
quarter and full year ended December 31, 2023 financial results and
reiterated its 2024 guidance.
Fourth Quarter and Full Year Highlights
·
Total revenue of $15.7 million in the fourth
quarter of 2023, an increase of 26% over the fourth quarter of
2022.
·
Core business revenue of $7.2 million in the
fourth quarter of 2023, a decline of 32% over the fourth quarter of
2022.
·
Strategic Platform License (SPL) Program-related revenue was $8.5 million for the fourth
quarter of 2023, an increase of 359% over the fourth quarter of
2022.
·
Total revenue of $41.3 million for the full year
2023, a decline of 7% over the full year 2022.
·
Core business revenue of $29.8 million for the
full year 2023, a decrease of 25% over the full year
2022.
·
SPL Program-related revenue was $11.5 million for
the full year 2023, an increase of 148% over the full year
2022.
·
Ended the year with 23 active SPL agreements that
allowed for over 160 potential programs, 16 of which were active
programs currently in the clinic (defined as programs with at least
a cleared IND or equivalent) and 1 of which was an active program
currently commercial. With the addition of three SPLs signed in
2024, the total number of SPLs now stands at 26.
·
Total cash, cash equivalents and investments were
$211.2 million as of December 31, 2023.
"In 2023, we navigated a
challenging operating environment in our industry, that included
increased capital conservatism and pipeline portfolio reevaluation
among our customers. Our team adapted well to the changing
environment last year, and I am confident in our ability to execute
across the business this year," said Maher Masoud, President and CEO of
MaxCyte.
"We are pleased with our
accomplishments and progress in 2023, which included supporting the
recent FDA approval of CASGEVYTM by our client, Vertex
Pharmaceuticals. MaxCyte signed five new SPLs in 2023 and we have
seen continued momentum with three additional SPLs signed in
January 2024. Our pipeline of potential clients remains robust, and
we look forward to further expanding our portfolio of SPLs in 2024.
The opportunity in front of us in the cell therapy industry
continues to strengthen, and we will focus on executing in 2024 on
our goal of being the industry's premier non-viral cell therapy
platform."
The following tables provide details
regarding the sources of our revenue for the periods
presented.
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Three Months
Ended
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Year Ended
|
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December 31,
(Unaudited)
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December 31,
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2023
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2022
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%
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2023
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2022
|
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%
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(in thousands, except
percentages)
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Cell therapy
|
$
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5,518
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|
$
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7,544
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(27%)
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$
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22,829
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$
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30,546
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(25%)
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Drug discovery
|
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1,644
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3,026
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(46%)
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6,994
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9,100
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(23%)
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Program-related
|
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8,504
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1,854
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359%
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11,465
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4,616
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148%
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Total revenue
|
$
|
15,665
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$
|
12,424
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26%
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$
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41,288
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$
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44,262
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(7%)
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Three Months
Ended
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Year Ended
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December 31,
(Unaudited)
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December 31,
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2023
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2022
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%
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2023
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2022
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%
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(in thousands, except
percentages)
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Instrument
|
$
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2,330
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$
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3,705
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(37%)
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$
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8,317
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$
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11,704
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(29%)
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PAs
|
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2,163
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3,721
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(42%)
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10,283
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16,027
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(36%)
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Lease
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2,406
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2,813
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(14%)
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10,326
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10,897
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(5%)
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Other
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263
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331
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(21%)
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897
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1,018
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(12%)
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Total Core Revenue
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$
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7,162
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$
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10,570
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(32%)
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$
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29,823
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$
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39,646
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(25%)
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In addition to revenue, management
regularly reviews key business metrics to evaluate our business,
measure performance, identify trends affecting our business,
formulate financial projections and make strategic decisions. As of
the dates presented, these key metrics were as follows:
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As of
December 31, 2023
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2023
|
2022
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2021
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Installed base of instruments (sold
or leased)
|
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683
|
616
|
502
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Core Revenue Generated by SPL
Clients as a % of Core Revenue
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48%
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42%
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40%
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Number of active SPLs
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23
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18
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15
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Total number of licensed potential
programs (SPL clients only)
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>160
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>125
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>95
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Total number of active licensed
clinical programs under SPLs currently in the clinic *
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16
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16
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15
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Total number of active licensed
programs under SPLs currently commercial *
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1
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-
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-
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Total potential pre-commercial
milestones under SPLs
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>$1.95 billion
|
>$1.55 billion
|
>$1.25 billion
|
* Number of licensed clinical
programs and commercial programs under SPLs are by number of
product candidates and not by indication.
Fourth Quarter 2023 Financial Results
Total revenue for the fourth quarter
of 2023 was $15.7 million,
compared to $12.4 million in the fourth quarter of 2022,
representing growth of 26%.
Core business revenue
(sales and leases of instrument and disposables to
cell therapy and drug discovery customers, excluding SPL
Program-related revenue) for the fourth quarter of 2023
was $7.2 million, compared to $10.6 million in the
fourth quarter of 2022, representing a decline of
32%.
Cell therapy revenue for the fourth
quarter of 2023 was $5.5 million, compared to $7.5 million in the
fourth quarter of 2022, representing a decline of 27%. Drug
discovery revenue for the fourth quarter of 2023 was $1.6 million,
compared to $3.0 million in the fourth quarter of 2022,
representing a decline of 46%.
SPL Program-related revenue was $8.5
million in the fourth quarter of 2023, as compared to $1.9 million
in the fourth quarter of 2022.
Gross profit for the fourth quarter
of 2023 was $14.1 million (90% gross margin), compared to $10.9
million (88% gross margin) in the fourth quarter of
2022.
Operating expenses for the fourth
quarter of 2023 were $22.2 million, compared to operating expenses
of $17.6 million in the fourth quarter of 2022.
Fourth quarter 2023 net loss was
$5.3 million compared to net loss of $4.8 million for the same
period in 2022. EBITDA, a non-GAAP measure, was a loss of $7.0
million for the fourth quarter of 2023, compared to a loss of $5.8
million for the fourth quarter of 2022; stock-based compensation
expense was $3.6 million in the fourth quarter of 2023 compared to
$3.1 million in the fourth quarter of 2022.
Full Year 2023 Financial Results
Total revenue for 2023 was $41.3
million, compared to $44.3 million in 2022, representing a decline
of 7%.
Core business revenue
(sales and leases of instruments and disposables
to cell therapy and drug discovery customers, excluding SPL
Program-related revenue) for 2023 was $29.8
million, compared to $39.6 million for 2022, representing a decline
of 25%.
Cell therapy revenue for 2023 was
$22.8 million, compared to $30.5 million in 2022, representing a
decline of 25%. Drug discovery revenue for 2023 was $7.0 million,
compared to $9.1 million in 2022, representing a decline of
23%.
SPL Program-related revenue
was $11.5 million in 2023, as compared to $4.6
million in 2022.
Gross profit for 2023 was $36.5
million (89% gross margin), compared to $39.2 million (88% gross
margin) in the prior year.
Operating expenses for 2023 were
$84.8 million, compared to operating expenses of $66.5 million in
2022.
Full year 2023 net loss was $37.9
million compared to a loss of $23.6 million in 2022. 2023 EBITDA
was a loss of $44.1 million compared to a loss of $24.8 million in
2022; total stock-based compensation for 2023 was $14.0 million,
compared to $11.8 million for 2022.
Total cash, cash equivalents and
investments were $211.2 million as of December 31, 2023, compared
to $227.3 million as of December 31, 2022.
2024 Revenue Guidance
Management is reiterating 2024
revenue guidance for core business revenue and SPL Program-related
revenue.
Management expects full year 2024
core business revenue to be flat to 5% growth compared to 2023, and
SPL Program-related revenue is expected to be approximately $3
million. Our outlook for the full year does not include SPL
Program-related revenue from Vertex/CRISPR's CASGEVYTM
and reflects a difficult year-over-year comparison from a client
milestone recognized in 2023 that was initially expected in
2024.
Management expects to end 2024 with
$175 million in total cash, cash equivalents and investments.
Webcast and Conference Call Details
MaxCyte will host a conference
call today, March 12, 2024, at 4:30 p.m. Eastern Time.
Investors interested in listening to the
conference call are required to
register online. A live and archived
webcast of the event will be available on the "Events" section of
the MaxCyte website at https://investors.maxcyte.com/.
About
MaxCyte
At MaxCyte, we pursue cell
engineering excellence to maximize the potential of cells to
improve patients' lives. We have spent more than 20 years honing
our expertise by building best-in-class platforms, perfecting the
art of the transfection workflow, and venturing beyond today's
processes to innovate tomorrow's solutions. Our ExPERT™ platform,
which is based on our Flow Electroporation® technology, has been
designed to support the rapidly expanding cell therapy market and
can be utilized across the continuum of the high-growth cell
therapy sector, from discovery and development through
commercialization of next-generation, cell-based medicines. The
ExPERT family of products includes: four instruments, the ATx™,
STx™, GTx™ and VLx™; a portfolio of proprietary related processing
assemblies or disposables; and software protocols, all supported by
a robust worldwide intellectual property portfolio. By providing
our partners with the right technology, as well as scientific,
technical and regulatory support, we aim to guide them on their
journey to transform human health. Learn more at
maxcyte.com and follow
us on Twitter and LinkedIn.
Non-GAAP Financial Measures
This press release contains
EBITDA, which is a non-GAAP measure defined as earnings before
interest income and expense, taxes, depreciation and
amortization. MaxCyte believes that EBITDA provides useful
information to management and investors relating to its results of
operations. The company's management uses this non-GAAP measure to
compare the company's performance to that of prior periods for
trend analyses, and for budgeting and planning purposes. The
company believes that the use of EBITDA provides an additional tool
for investors to use in evaluating ongoing operating results and
trends and in comparing the company's financial measures with other
companies, many of which present similar non-GAAP financial
measures to investors, and that it allows for greater transparency
with respect to key metrics used by management in its financial and
operational decision-making.
Management does not consider
EBITDA in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
EBITDA is that it excludes significant expenses that are required
by GAAP to be recorded in the company's financial statements. In
order to compensate for these limitations, management presents
EBITDA together with GAAP results. Non-GAAP measures should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to, GAAP
results. A reconciliation table of net loss, the most
comparable GAAP financial measure, to EBITDA is included at the end
of this release. MaxCyte urges investors to review the
reconciliation and not to rely on any single financial measure to
evaluate the company's business.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements about us and our industry involve
substantial known and unknown risks, uncertainties, and
assumptions, including those described in Item 1A under the heading
"Risk Factors" and elsewhere in our report on Form 10-K, that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. All statements other than statements of
historical facts contained in this press release, including
statements regarding our future results of operations or financial
condition, business strategy and plans and objectives of management
for future operations, are forward-looking statements.
Forward-looking statements include, but are not limited to,
statements about the Company's preliminary results of operations,
including fourth quarter and full year total revenue, core revenue,
and SPL program revenue and statements about possible or future
results of operations or financial position. In some cases, you can
identify forward-looking statements because they contain words such
as "may," "might," "will," "could," "would," "should," "expect,"
"plan," "anticipate," "intend," "believe," "expect," "estimate,"
"seek," "predict," "future," "project," "potential," "continue,"
"contemplate," "target," the negative of these words and similar
words or expressions. These statements are inherently
uncertain, and investors are cautioned not to unduly rely on these
statements. The forward-looking statements contained in this press
release, include, without limitation, statements concerning the
following: our expected future growth and success of our
business model; the size and growth potential of the markets for
our products, and our ability to serve those markets, increase our
market share, and achieve and maintain industry leadership; our
ability to expand our customer base and enter into additional SPL
partnerships; our expectation that our partners will have access to
capital markets to develop and commercialize their cell therapy
programs; our financial performance and capital requirements; the
adequacy of our cash resources and availability of financing on
commercially reasonable terms; our expectations regarding our
ability to obtain and maintain intellectual property protection for
our products, as well as our ability to operate our business
without infringing the intellectual property rights of others; our
expectations regarding general market and economic conditions that
may impact investor confidence in the biopharmaceutical industry
and affect the amount of capital such investors provide to our
current and potential partners; and our use of available capital
resources.
These and other risks and
uncertainties are described in greater detail in Item 1A , entitled
"Risk Factors," in our Annual Report on Form 10-K for the year
ended December 31, 2023, filed with the Securities and Exchange
Commission on or about March 12, 2024, as well as in discussions of
potential risks, uncertainties, and other important factors in the
other filings that we make with the Securities and Exchange
Commission from time to time. These documents are available through
the Investor Menu, Financials section, under "SEC Filings" on the
Investors page of our website at http://investors.maxcyte.com.
Any forward-looking statements in this press release are based on
our current beliefs and opinions on the relevant subject based on
information available to us as of the date of such press release,
and you should not rely on forward-looking statements as
predictions of future events. We undertake no obligation to update
any forward-looking statements made in this press release to
reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler,
CFA
+1 415-937-5400
ir@maxcyte.com
US Media
Relations
Spectrum Seismic
Collaborative
Valerie Enes
+1 408-497-8568
venes@spectrumscience.com
Nominated Adviser and Joint
Corporate Broker
Panmure Gordon
Emma Earl / Freddy
Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886
2500
UK IR Adviser
ICR Consilium
Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
maxcyte@consilium-comms.com
MaxCyte, Inc.
Consolidated Balance
Sheets
(in thousands, except share
and per share amounts)
|
|
Year ended December
31,
|
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2023
|
|
2022
|
Assets
|
|
|
|
|
|
|
Current assets:
|
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|
|
|
|
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Cash and cash equivalents
|
|
$
|
46,506
|
|
$
|
11,065
|
Short-term investments, at amortized
cost
|
|
|
121,782
|
|
|
216,275
|
Accounts receivable, net
|
|
|
5,778
|
|
|
11,175
|
Accounts receivable - TIA*
|
|
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-
|
|
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1,912
|
Inventory
|
|
|
12,229
|
|
|
8,581
|
Prepaid expenses and other current
assets
|
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|
3,899
|
|
|
3,258
|
Total current assets
|
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|
190,194
|
|
|
252,266
|
|
|
|
|
|
|
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Investments, non-current, at
amortized cost
|
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|
42,938
|
|
|
-
|
Property and equipment,
net
|
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|
23,513
|
|
|
23,725
|
Right-of-use asset - operating
leases
|
|
|
11,241
|
|
|
9,853
|
Other assets
|
|
|
388
|
|
|
809
|
Total assets
|
|
$
|
268,274
|
|
$
|
286,653
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
743
|
|
$
|
292
|
Accrued expenses and other
|
|
|
11,269
|
|
|
8,265
|
Operating lease liability,
current
|
|
|
774
|
|
|
157
|
Deferred revenue, current
portion
|
|
|
5,069
|
|
|
6,713
|
Total current liabilities
|
|
|
17,855
|
|
|
15,427
|
|
|
|
|
|
|
|
Operating lease liability, net of
current portion
|
|
|
17,969
|
|
|
15,938
|
Other liabilities
|
|
|
283
|
|
|
1,320
|
Total liabilities
|
|
|
36,107
|
|
|
32,685
|
|
|
|
|
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|
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Commitments and contingencies
|
|
|
|
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Stockholders' equity
|
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Preferred stock, $0.01 par value;
5,000,000 shares authorized and no shares issued and outstanding at
December 31, 2023 and December 31, 2022
|
|
|
-
|
|
|
-
|
Common stock, $0.01 par value;
400,000,000 shares authorized, 103,961,670 and 102,397,913 shares
issued and outstanding at December 31, 2023 and December 31, 2022,
respectively
|
|
|
1,040
|
|
|
1,024
|
Additional paid-in capital
|
|
|
406,925
|
|
|
390,819
|
Accumulated deficit
|
|
|
(175,798)
|
|
|
(137,875)
|
Total stockholders' equity
|
|
|
232,167
|
|
|
253,968
|
Total liabilities and stockholders' equity
|
|
$
|
268,274
|
|
$
|
286,653
|
* Tenant improvement allowance
("TIA")
MaxCyte, Inc.
Consolidated Statements of
Operations
(in thousands, except share
and per share amounts)
|
|
Three Months Ended December
31,
|
|
Year Ended December
31,
|
|
|
2023
(Unaudited)
|
|
2022
(Unaudited)
|
|
2023
|
|
2022
|
Revenue
|
|
$
|
15,666
|
|
$
|
12,424
|
|
$
|
41,288
|
|
$
|
44,261
|
Cost of goods sold
|
|
|
1,573
|
|
|
1,547
|
|
|
4,742
|
|
|
5,098
|
Gross profit
|
|
|
14,093
|
|
|
10,877
|
|
|
36,546
|
|
|
39,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
5,842
|
|
|
5,728
|
|
|
23,817
|
|
|
19,514
|
Sales and marketing
|
|
|
7,196
|
|
|
5,377
|
|
|
26,975
|
|
|
18,653
|
General and administrative
|
|
|
8,087
|
|
|
5,649
|
|
|
30,068
|
|
|
25,829
|
Depreciation and
amortization
|
|
|
1,063
|
|
|
873
|
|
|
3,985
|
|
|
2,528
|
Total operating expenses
|
|
|
22,188
|
|
|
17,627
|
|
|
84,845
|
|
|
66,524
|
Operating loss
|
|
|
(8,095)
|
|
|
(6,750)
|
|
|
(48,299)
|
|
|
(27,361)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
|
|
|
-
|
|
|
(11)
|
|
|
-
|
|
|
(127)
|
Interest income
|
|
|
2,818
|
|
|
1,952
|
|
|
10,376
|
|
|
3,917
|
Total other income
|
|
|
2,818
|
|
|
1,941
|
|
|
10,376
|
|
|
3,790
|
Net
loss
|
|
$
|
(5,277)
|
|
$
|
(4,809)
|
|
$
|
(37,923)
|
|
$
|
(23,571)
|
Basic and diluted net loss per share
|
|
$
|
(0.05)
|
|
$
|
(0.05)
|
|
$
|
(0.37)
|
|
$
|
(0.23)
|
Weighted average shares outstanding,
basic and
diluted
|
|
|
103,703,240
|
|
|
102,120,812
|
|
|
103,268,502
|
|
|
101,702,664
|
MaxCyte, Inc.
Consolidated Statements of
Cash Flows
(in
thousands)
|
|
Year ended December
31,
|
|
|
2023
|
|
2022
|
Cash
flows from operating activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(37,923)
|
|
$
|
(23,571)
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to
net cash used in operating activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
4,171
|
|
|
2,698
|
Non-cash lease expense
|
|
|
395
|
|
|
767
|
Net book value of consigned equipment
sold
|
|
|
94
|
|
|
76
|
Loss on disposal of fixed
assets
|
|
|
30
|
|
|
139
|
Stock-based compensation
|
|
|
13,979
|
|
|
11,752
|
Bad debt expense
|
|
|
171
|
|
|
-
|
Change in excess/obsolete inventory
reserve
|
|
|
697
|
|
|
-
|
Amortization of discounts on
investments
|
|
|
(7,120)
|
|
|
(2,667)
|
|
|
|
|
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
5,226
|
|
|
(4,569)
|
Accounts receivable - TIA
|
|
|
1,912
|
|
|
(1,912)
|
Inventory
|
|
|
(4,534)
|
|
|
(3,493)
|
Prepaid expense and other current
assets
|
|
|
(641)
|
|
|
320
|
Other assets
|
|
|
421
|
|
|
(492)
|
Accounts payable, accrued expenses
and other
|
|
|
3,252
|
|
|
(150)
|
Operating lease liability
|
|
|
(133)
|
|
|
5,482
|
Deferred revenue
|
|
|
(1,644)
|
|
|
(34)
|
Other liabilities
|
|
|
(39)
|
|
|
871
|
Net cash used in operating
activities
|
|
|
(21,686)
|
|
|
(14,783)
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
Purchases of investments
|
|
|
(255,095)
|
|
|
(290,942)
|
Maturities of investments
|
|
|
313,770
|
|
|
284,596
|
Purchases of property and
equipment
|
|
|
(3,700)
|
|
|
(18,477)
|
Proceeds from sale of
equipment
|
|
|
9
|
|
|
-
|
Net cash provided by (used in)
investing activities
|
|
|
54,984
|
|
|
(24,823)
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
Proceeds from exercise of stock
options
|
|
|
1,874
|
|
|
2,888
|
Proceeds from issuance of common
stock under employee stock purchase plan
|
|
|
269
|
|
|
-
|
Net cash provided by financing
activities
|
|
|
2,143
|
|
|
2,888
|
Net increase (decrease) in cash and
cash equivalents
|
|
|
35,441
|
|
|
(36,718)
|
Cash and cash equivalents, beginning
of year
|
|
|
11,065
|
|
|
47,783
|
Cash and cash equivalents, end of
year
|
|
$
|
46,506
|
|
$
|
11,065
|
Unaudited Reconciliation of
Net Loss to EBITDA
(in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(5,277)
|
|
$
|
(4,809)
|
|
$
|
(37,923)
|
|
$
|
(23,571)
|
|
Depreciation and amortization
expense
|
|
1,102
|
|
|
920
|
|
|
4,171
|
|
|
2,698
|
|
Interest income
|
|
(2,818)
|
|
|
(1,952)
|
|
|
(10,376)
|
|
|
(3,917)
|
|
Income taxes
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
EBITDA
|
$
|
(6,993)
|
|
$
|
(5,841)
|
|
$
|
(44,128)
|
|
$
|
(24,790)
|
|