HTG Molecular Diagnostics Reports Full Year 2021 Results

Call scheduled for today, March 29, at 4:30 pm ET

TUCSON, Ariz., March 29, 2022 (GLOBE NEWSWIRE) —

HTG Molecular Diagnostics

, Inc. (Nasdaq: HTGM) (HTG), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, today reported its financial results for the year ended December 31, 2021.


Recent Business Highlights

  • HTG Transcriptome Panel (“HTP”) revenue continued to increase in the fourth quarter of 2021, ending the year as the top selling assay at approximately 16% of total revenue, just 5 months after commercial sales availability.

  • Announced the expansion of its therapeutics team with the addition of several highly experienced professionals, led by Stephen Barat, Ph.D., a drug development veteran who most recently served with the Janssen Pharmaceutical Companies of Johnson and Johnson (Janssen).

  • Expanded its HTG Therapeutics business unit’s Scientific Advisory Board with the addition of Jerald Radich, M.D., a pioneer in the fields of leukemia research and molecular genetics, and Robert Spitale, Ph.D., Associate Director and Associate Dean of Research in the School of Pharmacy and Pharmaceutical Services at the University of California, Irvine.

  • Added extensive biopharmaceutical industry experience and therapeutic depth to its Board of Directors with the addition of Christopher Kiritsy, formerly of KOS Pharmaceuticals.

  • Completed a private placement of its securities for gross proceeds of approximately $7.5 million.


Full Year 2021 Financial Highlights:

Total revenue for the year ended December 31, 2021 was $8.9 million, compared with $8.5 million for the year ended December 31, 2020.

Product and product-related services revenue increased by 13% for the year ended December 31, 2021 to $8.9 million, compared with $7.9 million for the year ended December 31, 2020. Revenue for the year ended December 31, 2021 included $1.4 million of revenue recognized from the sale of HTP assays and sample processing services. Revenue for the year ended December 31, 2020 included $0.7 million of collaborative development services revenue.

Net loss from operations for the year ended December 31, 2021 was $17.1 million, compared with $20.9 million for the year ended December 31, 2020. Net loss per share was $(2.47) for the year ended December 31, 2021 compared with $(4.51) for the year ended December 31, 2020.

Cash, cash equivalents and short-term available-for-sale securities totaled $21.9 million as of December 31, 2021, with current liabilities of approximately $9.9 million and non-current liabilities of $10.1 million.


Conference Call and Webcast:

HTG will host a conference call for the investment community today beginning at 4:30 p.m. Eastern Time. Conference call and webcast details are as follows:

Date: Thursday, March 29, 2022
Time: 4:30 p.m. Eastern Time
Toll Free: (855) 327-6837
International: (631) 891-4304
Conference ID: 10018508
Webcast:
https://themediaframe.com/mediaframe/webcast.html?webcastid=pSgvu2PM


About HTG:


HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, clinical diagnostics and targeted therapeutics across a variety of disease areas.

Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit

www.htgmolecular.com

.


Contact:

Ashley R. Robinson

LifeSci Advisors, LLC

Phone: (617) 430-7577

Email:

[email protected]


HTG Molecular Diagnostics, Inc.

Consolidated Statements of Operations
Years Ended December 31,
2021 2020
Revenue:
Product and product-related services $ 8,906,828 $ 7,890,854
Collaborative development services 658,010
Total revenue 8,906,828 8,548,864
Operating expenses:
Cost of product and product-related services revenue 4,094,980 3,991,532
Selling, general and administrative 16,546,740 18,063,064
Research and development 6,088,934 6,079,907
Total operating expenses 26,730,654 28,134,503
Operating loss (17,823,826 ) (19,585,639 )
Other expense, net (1,034,661 ) (747,770 )
Gain on forgiveness of PPP Loan 1,735,792
Loss on extinguishment of MidCap Credit Facility and QNAH Convertible Note (522,394 )
Net loss before income taxes (17,122,695 ) (20,855,803 )
Provision for income taxes (22,475 ) (14,415 )
Net loss $ (17,145,170 ) $ (20,870,218 )
Net loss per share, basic and diluted $ (2.47 ) $ (4.51 )
Shares used in computing net loss per share, basic and diluted 6,936,131 4,627,918


HTG Molecular Diagnostics, Inc.

Consolidated Balance Sheets

December 31,

2021

2020
Assets
Current assets:
Cash and cash equivalents $ 9,599,950 $ 22,397,812
Short-term investments available-for-sale, at fair value 12,343,456 6,298,075
Accounts receivable, net 2,092,466 1,588,767
Inventory, net 1,987,753 1,492,126
Prepaid expenses and other 1,163,339 1,094,273
Total current assets 27,186,964 32,871,053
Operating lease right-of-use assets 1,345,361 1,009,097
Property and equipment, net 1,118,886 1,227,402
Other non-current assets 809,476 90,356
Total assets $ 30,460,687 $ 35,197,908
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 1,649,440 $ 1,348,762
Accrued liabilities 2,022,569 1,459,878
Contract liabilities – current 124,941 185,083
NuvoGen obligation – current 548,301 512,729
Short-term debt 5,167,586 3,022,139
Operating lease liabilities – current 413,865 685,220
Other current liabilities 16,808 22,563
Total current liabilities 9,943,510 7,236,374
NuvoGen obligation – non-current, net of discount 3,900,880 4,479,396
Long-term debt, net 5,178,629 8,568,308
Operating lease liabilities – non-current 949,461 368,682
Other non-current liabilities 88,383 60,488
Total liabilities 20,060,863 20,713,248
Commitments and Contingencies
Total stockholders’ equity 10,399,824 14,484,660
Total liabilities and stockholders’ equity $ 30,460,687 $ 35,197,908


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