T2 Biosystems Reports 2014 Third Quarter Highlights and Financial Results
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In September, the Company received authorization from the
U.S. Food and Drug Administration (FDA ) to market its first two products, the T2Candida® Panel and the T2Dx® Instrument for the detection of Candida species in whole blood specimens from patients with symptoms of, or medical conditions predisposing the patient to, invasive fungal infections. -
In September, the Company's T2MR® technology, an innovative and proprietary magnetic resonance-based diagnostic platform, was highlighted at the
Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) inDenver .T2 Biosystems' presence at ICAAC included a symposium focusing on T2MR's rapid and sensitive identification of sepsis pathogens and its flagshipT2Candida Panel . -
In August, the Company announced the close of its initial public offering (IPO) of 5,980,000 shares of common stock, including the underwriters overallotment, at a price of
$11.00 per share, raising approximately$58 million net of offering costs. -
In July, the Company also obtained a European CE Mark and ISO 13485 certification for its
T2Candida Panel and T2Dx Instrument.
President and CEO
Financial Results
To date, the Company has generated revenue primarily from research and development agreements and government grants and has not generated any revenue from the sale of products. The Company did not record revenues for this year's third quarter and first nine months. In last year's third quarter and first nine months,
Total operating expenses for the third quarter and first nine months of 2014 were
The net loss applicable to common shareholders for the 2014 third quarter was
The Company's balance sheet as of
Conference Call
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the performance of the Company's diagnostic products and the ability to work with the medical community to bring such products to hospitals, physicians and patients. These and other important factors discussed under the caption "Risk Factors" in the Company's final prospectus filed with the
– Tables to Follow –
| T2 Biosystems, Inc. | ||||
| Condensed Statements of Operations and Comprehensive Loss | ||||
| (In thousands, except share and per share data) | ||||
| (Unaudited) | ||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
| 2014 | 2013 | 2014 | 2013 | |
| Research and grant revenue | $ -- | $ 91 | $ -- | $ 211 |
| Operating expenses: | ||||
| Research and development expenses | 4,803 | 3,358 | 14,572 | 10,646 |
| Selling, general and administrative expenses | 2,984 | 1,275 | 7,271 | 3,618 |
| Total operating expenses | 7,787 | 4,633 | 21,843 | 14,264 |
| Loss from operations | (7,787) | (4,542) | (21,843) | (14,053) |
| Interest expense, net | (304) | (100) | (471) | (310) |
| Other income (expense), net | -- | -- | (1) | 125 |
| Net loss | $ (8,091) | $ (4,642) | $ (22,315) | $ (14,238) |
| Comprehensive loss | $ (8,091) | $ (4,642) | $ (22,315) | $ (14,238) |
| Reconciliation of net loss to net loss applicable to common stockholders: | ||||
| Net loss | $ (8,091) | $ (4,642) | $ (22,315) | $ (14,238) |
| Accretion of redeemable convertible preferred stock to redemption value | (758) | (1,911) | (4,570) | (4,998) |
| Net loss applicable to common stockholders | $ (8,849) | $ (6,553) | $ (26,885) | $ (19,236) |
| Net loss per share applicable to common stockholders - basic and diluted | $ (0.71) | $ (4.69) | $ (5.25) | $ (13.82) |
| Weighted-average number of common shares used in computing net loss per share applicable to common stockholders - basic and diluted | 12,379,337 | 1,398,425 | 5,120,977 | 1,392,110 |
| T2 Biosystems, Inc. | ||
| Condensed Balance Sheets | ||
| (In thousands, except share and per share data) | ||
| (Unaudited) | ||
| September 30, | December 31, | |
| 2014 | 2013 | |
| Assets | ||
| Current Assets: | ||
| Cash and cash equivalents | $75,589 | $30,198 |
| Prepaid expenses and other current assets | 1,087 | 195 |
| Total current assets | 76,676 | 30,393 |
| Property and equipment, net | 1,698 | 1,118 |
| Restricted cash | 340 | 340 |
| Other assets | 153 | 34 |
| Total assets | $78,867 | $31,885 |
| Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable | $725 | $943 |
| Accrued expenses | 5,580 | 1,319 |
| Current portion of notes payable | 290 | 1,759 |
| Current portion of deferred rent | 67 | 25 |
| Total current liabilities | 6,662 | 4,046 |
| Notes payable, net of current portion | 10,733 | 3,299 |
| Deferred rent, net of current portion | 18 | 45 |
| Warrants to purchase redeemable securities | -- | 1,225 |
| Other liabilities | 24 | -- |
| Commitments and contingencies | ||
| Redeemable convertible preferred stock | -- | 112,813 |
| Stockholders' equity (deficit): | ||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued | -- | -- |
| Common stock, $0.001 par value; 200,000,000 and 28,254,907 shares authorized at September 30, 2014 and December 31, 2013, respectively; 20,040,604 and 1,411,986 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 20 | 1 |
| Additional paid-in capital | 155,929 | -- |
| Accumulated deficit | (94,519) | (89,544) |
| Total stockholders' equity (deficit) | 61,430 | (89,543) |
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $78,867 | $31,885 |
CONTACT: Media Contact:
Dan Budwick , Pure Communications
dan@purecommunicationsinc.com
973-271-6085
Investor Contact:
Matt Clawson , Pure Communications
matt@purecommunicationsinc.com
949-370-8500
