Calyno High Oleic Soybean Oil is the first
ever gene-edited food product to successfully undergo review by the
USDA and FDA and be commercialized in the U.S.
Calyno High Oleic Soybean Oil is now
available from one of the world’s largest broadline foodservice
distributors
Sold out of seed and 3x acre growth, with
55,000 Calyxt soybean acres contracted for the 2019 growing
season
Cash and cash equivalents of $85.7M at March
31, 2019
2019 seed deliveries began in second
quarter, cash receipts of $1.8M expected over next 90 days
Calyxt, Inc. (NASDAQ: CLXT), a healthy food ingredient company,
today announced its results for the first quarter ended March 31,
2019.
Investor Call Details
Calyxt will host an investor call on May 8, 2019 at 8:30 a.m.
Eastern Time – 7:30 a.m. Central Time to discuss its financial
results and provide a general business update.
US & Canada only: +1 (877) 407-9747International: +1 (412)
902-0044
In addition, a replay of the call will be available for one
month following the conference by calling +1 (877) 660-6853 (Toll
Free US & Canada); +1 (201) 612-7415 (Toll Free
International).
The archived webcast of this event may be accessed through the
Calyxt website, using passcode 13673206.
“In the first quarter of 2019, we achieved a monumental
milestone for Calyxt with the successful commercial launch of
Calyno oil. We are thrilled to see our High Oleic Soybean Oil
either met or exceeded the performance and quality standards of the
commercially available oils for qualities including fry life,
trans-fat content, saturated fat content and flavor transfer.
Following the initial commercial sale, we have identified and
vetted a series of food customer opportunities and we are excited
to announce that as of late April Calyno oil is available from one
of the world’s largest broadline foodservice distributors” said Jim
Blome, CEO of Calyxt. “On the farmer side, we are sold out of seed
for the 2019 growing season and have tripled our acres from 2018 –
we have partnered with over 150 selected growers who have
contracted over 55,000 Calyxt soybean acres.”
Regulatory
As previously announced, Calyxt completed a consultation with
the Food and Drug Administration (FDA) for its High Oleic Soybean.
After review, FDA had no further questions concerning human food
ingredients or animal food derived from our High Oleic Soybean.
Calyno oil is the first gene-edited food product to undergo such
review and be commercialized in the U.S.
High Oleic Soybean
- Completed the first sales of Calyxt
High Oleic Soybean Oil, Calyno, in the foodservice
channel. We are focused on selling this oil for frying applications
based on its extended fry life, flavor performance, and
heart-healthy qualities. Within the foodservice channel we are
focused on certain categories of commercial restaurants and usage
in other foodservice segments including Business & Industry,
Healthcare and Education.
- As of late April, Calyno oil is
available from one of the world’s largest broadline foodservice
distributors providing a growth opportunity for the
distribution and integration of our soybean oil in the foodservice
business nationwide. We are vetting further engagements with food
companies to focus on high volume sales based on our growing
acreage.
- Completed the first sales of High
Oleic Soybean Meal as a premium feed ingredient for
livestock.
- Cooperation with Agtegra continues
to scale as we leverage their resources to contract acreage,
for agronomic support, grain storage, and for rail shipping.
- 2019 acreage contracting
complete. We are sold out of seed for the 2019 growing season
and have contracted over 55,000 acres, more than triple our 2018
acreage. These contracts are with more than 150 growers. Our grower
retention rate is over 73 percent.
Product Candidate Pipeline
- Development of High Fiber Wheat
product candidate. Preliminary results showed our High Fiber
Wheat product candidate produced white flour with at least three
times more dietary fiber than standard white wheat flour. This
product candidate is currently in Phase II of our development
process and on track for commercialization as early as 2022. Our
High Fiber Wheat product has been determined to be non-regulated by
the U.S. Department of Agriculture (USDA).
- Additional varieties of our High
Oleic Soybean are in Phase III of our development process. We
expect these varieties will expand our growing zones and will be
commercialized in 2020 and 2021.
Financial Highlights
Cash, cash equivalents and restricted cash were $85.7 million at
March 31, 2019. We intend to continue to manage the use of cash and
expect to have sufficient cash to fund the business into early
2021.
Our cash spend for 2019 is estimated at between $3 million and
$3.5 million per month based on the increase in acreage contracted
for the 2019 season and will be focused in these areas:
- Supporting our product pipeline,
including development of additional varieties and traits for
soybeans, high fiber wheat and alfalfa, as well as continuing to
build our strong intellectual property portfolio;
- Continuing to drive the
commercialization of our High Oleic Soybean products including our
Calyno oil and High Oleic Soybean meal, which includes spending for
sales and marketing support, product samples, and costs associated
with agricultural activities including seed production, grain
purchases, and processing and distribution; and
- Strengthening our organization,
including hiring talented personnel, developing our IT systems,
maintaining public company reporting and compliance and refining
internal controls.
For the three months ended March 31, 2019, we incurred losses
from operations of $7.4 million and used net cash in operating
activities of $9.3 million.
For the three months ended March 31, 2018, we incurred losses
from operations of $4.4 million and used net cash in operating
activities of $6.6 million.
About Calyxt
Calyxt is committed to making the food you love a healthier
choice. The care we take extends beyond nutritional value. We
partner with farmers and food companies to deliver traceable
plant-based products developed to be healthier and more sustainable
than their conventional counterparts. We use cutting edge plant
breeding techniques to develop products that help improve diets by
reducing bad fats, allergens and toxins. Today oil from our high
oleic soybean plants has lower saturated fats than commodity
soybean oil. We are also developing high fiber wheat designed to
provide an excellent source of daily fiber when incorporated into
wheat-based foods. We continuously pursue innovation to deliver
good food that is good for you.
Calyxt is located in Roseville, MN, and is listed on the Nasdaq
market (ticker: CLXT). For further information please visit our
website at www.calyxt.com.
Calyxt™, Calyno™ and the corporate logo are trademarks owned by
Calyxt, Inc.
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.
CALYXT, INC.
BALANCE SHEETS
(In Thousands, Except Par Value and
Share Amounts)
March 31,
2019
(unaudited)
December 31,
2018
Assets Current assets: Cash and cash equivalents
$
84,231
$
93,794
Restricted cash
381 381 Trade accounts receivable
124
-
Due from related parties
130 46 Inventory
379
-
Prepaid expenses and other current assets
1,778 1,301 Total current assets
87,023
95,522 Non-current restricted cash
1,120 1,113 Land,
buildings, and equipment
21,854 21,850 Other non-current
assets
674 306
Total
assets $ 110,671 $ 118,791
Liabilities and stockholders’
equity
Current liabilities: Accounts payable
$ 724 $ 818
Accrued expenses
1,610 2,007 Accrued compensation and
benefits
887 1,305 Due to related parties
875 1,905
Current portion of financing lease obligations
264 258 Other
current liabilities
290 711
Total current liabilities
4,650 7,004 Financing lease
obligations
18,162 18,227 Other non-current liabilities
156 163
Total liabilities
22,968 25,394
Stockholders’
equity:
Common stock, $0.0001 par value;
275,000,000 shares authorized;32,707,725 shares issued and
32,692,189 shares outstanding as ofMarch 31, 2019 and 32,664,429
shares issued and 32,648,893 sharesoutstanding as of December 31,
2018
3 3 Additional paid-in capital
177,750 176,069 Common
stock in treasury, at cost; 15,536 shares
(230) (230)
Accumulated deficit
(89,820)
(82,445)
Total stockholders’ equity
87,703 93,397
Total liabilities and
stockholders’ equity $ 110,671 $
118,791
CALYXT, INC.
STATEMENTS OF OPERATIONS
(Unaudited and in Thousands Except
Shares and Per Share Amounts)
Three months ended March 31,
2019 2018 Revenue
$
157
$ 11 Operating expenses: Cost of revenue
34 - Research and
development
2,044 1,048 Selling, general and administrative
5,241 2,676 Management Fees
361
583
Total operating expenses 7,680
4,307 Loss from operations
(7,523) (4,296) Interest,
net
172 (68) Foreign currency transaction (loss) gain
(24) (6)
Loss before income taxes
(7,375) (4,370) Income taxes
- -
Net loss $ (7,375) $ (4,370)
Basic
and diluted loss per share $ (0.23) $
(0.16) Weighted average shares outstanding - basic and diluted
32,677,944 27,851,162
CALYXT, INC.
STATEMENTS OF CASH FLOWS
(Unaudited and in Thousands)
Three months ended March 31,
2019 2018 Operating activities
Net loss
$
(7,375)
$
(4,370)
Adjustments to reconcile net loss to net
cash used in operatingactivities:
Depreciation
342 156 Stock-based compensation
1,556
40 Unrealized foreign exchange gain
- 8 Changes in operating
assets and liabilities: Trade accounts receivable
(124) -
Due to/from related parties
(1,114) (496) Inventory
(379) - Prepaid expenses and other assets
(624) (880)
Accounts payable
(94) (310) Accrued expenses
(397)
182 Accrued compensation and benefits
(418) (456) Other
accrued liabilities
(708) (439)
Net
cash used by operating activities (9,335)
(6,565)
Investing activities Purchases of land,
buildings and equipment
(346) (41)
Net cash used by investing activities
(346) (41)
Financing activities Deferred
offering costs
- (69) Proceeds from the exercise of stock
options
125 714
Net cash provided by
financing activities 125 645 Net
decrease in cash, cash equivalents and restricted cash
(9,556) (5,961) Cash, cash equivalents and restricted cash -
beginning of period
95,288 56,664
Cash, cash equivalents and restricted cash - end of period
$ 85,732 $ 50,703
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190507006129/en/
Media:Jennifer Moore, VP CommunicationsPhone: +1 (917)
580-1088email: media@calyxt.comInvestor Relations:Simon
Harnest, VP Corporate Strategy and FinancePhone: +1 (646)
385-9008email: simon.harnest@calyxt.com
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